Copec completes $535m acquisition of Mapco retail assets

Compañía de Petróleos de Chile COPEC S.A. has completed the acquisition of the U.S. retail assets from Delek US Holdings, including Mapco retail sites, for $535 million.

Delek and Copec have closed the previously announced transaction for a number of retail assets that include 348 Mapco convenience stores.

“It is very satisfactory to seal this transaction and initiate the real challenge that is ‘landing’ in the United States,” said Lorenzo Gazmuri, General Manager of Copec S.A.

At closing, $156.0 million of debt associated with Mapco was repaid, along with a debt prepayment fee of $13.4 million and an estimated $4.6 million of transaction related costs. Net cash proceeds before taxes related to this transaction are $377.3 million.

“We have gained a partner in retail fuel sales and will continue to supply certain locations under an 18-month fuel supply agreement,” Uzi Yemin, Chairman, President and Chief Executive Officer of Delek.

Mapco´s different brands include “MAPCO Express”, “MAPCO Mart”, “East Coast”, “Fast Food and Fuel”, “Favorite Markets”, “Delta Express” and “Discount Food Mart”.

Compañía de Petróleos de Chile COPEC S.A. has completed the acquisition of the U.S. retail assets from Delek US Holdings, including Mapco retail sites, for $535 million.