The contract involves ownership rights to 20 gas stations, and leasing rights to five more.
Delek Group Ltd. (TASE: DLEKG) today announced that its subsidiary, Delek US Holdings, had bought the rights in 25 gas stations and convenience stores in Nashville, Tennessee, from British energy giant BP (NYSE; LSE; FSE: BP) for $33.5 million, not including inventory. The deal is expected to be closed in December.
The contract involves ownership rights to 20 gas stations, and leasing rights to five more. It also includes four other real estate properties slated for gas stations and conveniences stores, including ownership rights for three properties and leasing rights for one property.
Delek added that the gas stations and conveniences stores would continue to operate under the BP brand.
In its financial report for the second quarter of 2005, Delek said that Delek US Holdings owned 328 gas stations in Tennessee, Alabama and Virginia under the Mapco Express brand. Delek also reported that the profit of its Texas oil refinery jumped to $72 million for the second quarter.
Published by Globes [online], Israel business news - www.globes.co.il - on November 6, 2005