Williams Express, Tulsa, Okla., is selling its 198 convenience stores to an Israeli company but keeping its travel center business.
Delek - The Israel Fuel Corporation Ltd. is buying the Mapco gas station and convenience store chain for a base purchase price of $147 million plus additional amounts for fuel inventory, merchandise and supplies. The agreement calls for this sale to be consummated by May 30.
Williams had previously announced an agreement to sell the convenience stores, predominantly located in Tennessee, to Convenience USA, Inc. A provision in that prior agreement allowed Delek the option to become the final purchaser of the stores. Delek exercised that option, telling an Israeli newspaper last week that the transaction would be the "stepping stone for Delek into the U.S. market."
As part of the agreement, James Alligood will leave Williams to become president and CEO of MAPCO Express. Ike Mefford has been named president of the rapidly growing Williams TravelCenters, which will continue to be operated by Williams. Currently, Williams has 55 interstate locations.
Williams, an energy and telecommunications company, bought the Mapco chain in 1998. It announced in December it would sell the convenience stores in order to concentrate on its core energy business.
Delek - The Israel Fuel Corporation Ltd. is buying the Mapco gas station and convenience store chain for a base purchase price of $147 million plus additional amounts for fuel inventory, merchandise and supplies. The agreement calls for this sale to be consummated by May 30.
Williams had previously announced an agreement to sell the convenience stores, predominantly located in Tennessee, to Convenience USA, Inc. A provision in that prior agreement allowed Delek the option to become the final purchaser of the stores. Delek exercised that option, telling an Israeli newspaper last week that the transaction would be the "stepping stone for Delek into the U.S. market."
As part of the agreement, James Alligood will leave Williams to become president and CEO of MAPCO Express. Ike Mefford has been named president of the rapidly growing Williams TravelCenters, which will continue to be operated by Williams. Currently, Williams has 55 interstate locations.
Williams, an energy and telecommunications company, bought the Mapco chain in 1998. It announced in December it would sell the convenience stores in order to concentrate on its core energy business.
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