Valero Energy Corp. (NYSE: VLO) has announced that it signed an agreement to purchase 72 convenience stores and fueling kiosks from Albertson’s LLC. The financial terms of the acquisition were not disclosed, although it is expected to close in August 2008. The new sites will be reimaged to the Corner Store brand and they will sell Valero-branded fuel for autos.
This transaction will expand Valero’s company-owned retail presence in Texas, Colorado, Arizona and Louisiana, where Valero already operates approximately 950 company-owned Corner Store locations.
Valero is already one of the largest retail operators in North America with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean. Its brands are Valero, Diamond Shamrock, Shamrock, Ultramar, Corner Store, and Beacon.
Jon C. Ogg
May 5, 2008