Albertson's sells sites to Valero

Valero Energy Corp. has signed an agreement to buy 72 convenience stores and fueling kiosks from US-based Albertson's, LLC. The deal is expected to close in August 2008, subject to customary governmental approvals, will grow Valero's which already owns and operates about 950 company-owned Corner Store convenience stores.

In addition, Valero owns and operates 17 refineries in the United States, Canada, and the Caribbean, with a combined throughput capacity of about 3.1 million barrels per day, making it the largest refiner in North America. The company is also one of the nation's largest retail operators, with about 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under such banners as Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon.

"This transaction offers great synergies with our existing retail network and supply chain," said Gary Arthur, president of Valero's retail division, in a statement. "All of these sites are relatively new and offer strong potential for merchandise growth."

Terms of the transaction with Albertson's were not revealed.