Exxon Mobil, the largest U.S. oil company, announced it will sell 322 retail locations in the western part of the U.S. to Canada's Alimentation Couche-Tard as part of its previously announced plan to divest some downstream assets. Financial terms of the transaction were not disclosed.
Toronto-listed Alimentation Couche-Tard is North America's largest independent operator of convenience stores, including 4,169 that dispense gasoline, according to CBC News. The Exxon stores will become part of the Canadian company's Circle K network and retain the Mobil brand for fuel marketing.
The transaction is schedule to close between the fourth quarter of this year and the second quarter of 2012, the companies said. In May, Texas-based Exxon sold its oil-marketing and supply businesses in Central America to Netherlands-based Trafigura for an undisclosed sum.
Dow component Exxon (XOM) sold its Argentine downstream unit Esso in April.