Dallas-based 7-Eleven agreed to buy 51 Exxon-Mobil gas stations in North Texas.
The majority of the locations will be rebranded and renovated as 7-Eleven stores to include staple items such as Slurpees and Big Gulps, though they will continue to sell Exxon-Mobil gasoline.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "In terms of store growth, 2011 promises to be 7-Eleven's biggest year since 1986."
7-Eleven will extend job offers to ExxonMobil employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.
Currently, 7-Eleven, Inc. operates and franchises 239 stores in the greater DFW area and has added seven 7-Eleven stores in these areas since the start of 2011.
The deal is expected to close at the end of this year with remodeling of the locations expected to be completed by the end of 2012.