Delek buys 860 gas stations in Europe

The $471 million deal is Delek Europe's first deal in Europe, includes 406 convenient stores, 95 car-wash facilities and diner franchise
Tani Goldstein

Delek Group's Delek Europe announced Thursday that it completed its transaction with the Chevron Energy Corporation and now owns 860 gas stations in Holland, Belgium and Luxemburg.

 

The acquisition was led by Yitzhak Tshuva's son, Elad, who is deputy chairman of the board of Delek Group.

 

The gas stations, operating under the Texaco name, are part of Delek's $471 million deal with Chevron, which also includes 406 convenience stores, 95 car-wash facilities and the Baker Street franchise, which operates 72 diners located in the gas stations.

 

This is Delek Europe's first acquisition in Europe. The company is to fund 37% of it in equity capital and the rest through a loan orchestrated by the Lehman Brothers financing company.