Tshuva buys 800 gas stations in Europe
Delek Group's subsidiary Delek Petroleum signs agreement to purchase fuels marketing businesses from Chevron Corporation's subsidiaries in the Netherlands, Belgium and Luxembourg for 342 million euro
Under the share sale agreement, Israeli billionaire Yitzhak Tshuva's company will acquire Chevron's Benelux fuel marketing operations, which include 803 Texaco-branded service stations, two fuel terminals in Belgium and Luxembourg, interests in six joint venture retailers in the Netherlands, as well as other related assets.
Delek also acquired 406 convenient stores, 95 car wash facilities and a franchise to operate 72 restaurants or stores at the gas stations under the Street Baker brand.
Chevron will retain its lubricants, aviation, fuel and marine marketing, Oronite additives and upstream businesses in Europe.
After completing the deal in the third quarter of 2007, Delek will hold a market share of 15 percent in the Netherlands' fuel industry, 12 percent in Belgium and 10 percent in Luxembourg.
This is the first deal signed by Delek Europe, Delek Petroleum's new subsidiary, which was established after the company decided to expand its energy activities outside Israel and the United States last year.
