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ISRAEL -- The Delek Group -- parent company to Delek US Holdings Inc., which operates MAPCO Express -- announced that its European counterpart has completed a transaction with Chevron Energy Corp. and now owns 860 gas stations in Holland, Belgium and Luxemburg, according to a report by Israel Money.
The $471-million acquisition, Delek's first in Europe, was led by Elad Tshuva, deputy chairman of the board of Delek Group and son of owner Yitzhak Tshuva. In addition to the 860 gas stations operating under the Texaco name, the deal also includes 406 convenience stores, 95 car-wash facilities and the Baker Street franchise, which operates 72 diners located in the gas stations, Israel Money reported.
The company plans to fund 37 percent of the deal in equity capital and the rest through a loan orchestrated by the Lehman Brothers financing company, the report said.