Shares of Delek U.S. Holdings Inc. have remained relatively flat since the Brentwood-based oil refinery and convenience store company announced Tuesday it has completed the sale of its retail operations to FEMSA FMX of Mexico for $385 million.

In early afternoon trading, Delek shares (ticker: DK) were priced at $18.84, up $0.03 (0.19 percent). The shares were valued in the $20 to $21 range in early August when the company announced the then-looming transaction. The stock, which trades on the New York Stock Exchange, began the year valued at $26.37 per share.

Avigal Soreq

Avigal Soreq

Delek shares hit a Tuesday high of $19.22 after the announcement of the deal’s completion.

As part of the transaction, and as previously reported, FEMSA subsidiary OXXO acquired 100 percent of the equity interests in the Delek subsidiaries that had operated via Delek US Retail. The purchase price includes inventories as well.

Billed as one of the largest Mexican conglomerates, FEMSA operates in more than 17 countries. Online stock market research source Zacks reports that OXXO operates more than 22,800 convenience stores in Mexico, Colombia, Chile, Peru and Brazil.

The transaction comes as Delek recently announced its second quarter 2024 financial results, with the company reporting a loss of $37.2 million (or 58 cents per share) for the period.

“The completion of the sale of Delek US Retail to FEMSA is an important step in our value creation journey,” Avigal Soreq, Delek president and chief executive officer, said in a company release. “I am thankful to Delek US Retail and its employees and wish them success as they become an important part of FEMSA’s growth strategy in the United States.”

Delek US Holdings owns assets related to petroleum refining, logistics, pipelines, renewable fuels and convenience store retailing. The company is one of the larger retail fuel and convenience store chains in the U.S. (with 249 corporate stores in West Texas and New Mexico) and is known, in part, for having acquired MAPCO Express Inc. (198 retail fuel and convenience stores at the time) in 2001.

This article was first published by our sister publication the Nashville Post.