HOUSTON, Oct. 26, 2021 /CNW/ -- Shell Retail and Convenience Operations LLC, a wholly owned subsidiary of Shell Oil Products US (Shell), has signed an agreement to acquire 248 company-owned fuel and convenience retail sites from the Landmark group of companies (Landmark), whose convenience stores operate in Texas under the Timewise brand. The agreement also includes supply agreements with an additional 117 independently operated fuel and convenience sites.
This acquisition enables Shell to continue its existing, trusted premium product offerings. As one of the largest fuels and convenience retail markets globally, growing in the U.S. gives Shell the opportunity to build on its successful brand presence and leverage the strength of its ongoing business relationships.
"Today's announcement increases our presence in a core market and shows our growth strategy in action," said Huibert Vigeveno, Shell's Downstream Director. "It brings us closer to more customers and strengthens our ability to meet their rapidly changing needs. The deal also allows us to work hand-in-hand with customers to help shape demand for low-carbon energy products and services while profitably decarbonizing alongside them."
By enhancing Shell's presence in the U.S., this acquisition advances Shell's Powering Progress strategy in three ways: by growing its retail footprint in one of its core markets, by providing opportunities to offer customers expanded fuelling options (including electric vehicle charging, hydrogen, biofuels and lower-carbon premium fuels) and by allowing for the growth of non-fuel sales through an enhanced convenience offering.
Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by year end.
Notes to editors
The agreement covers the purchase of:
Subject to regulatory clearance and the satisfaction of closing conditions, TPG will be a wholly owned subsidiary of Shell Retail and Convenience Operations LLC, within our Downstream Mobility business.
This acquisition falls within the 2021 RDS cash capex budget of below $22 bln as disclosed at Shell Strategy Day on February 11, 2021.
More than 2,000 Landmark team members become the foundation to enable Shell to grow its company-owned network in the U.S.
Shell remains committed to collaborating with wholesalers and dealers to serve customers, drive business value, and thrive through the energy transition. Shell will continue to support and grow with our wholesalers, dealers, and JV partners who own and operate more than 13,000 Shell-branded sites across the U.S.
By 2025, globally we expect to service 40 million customers daily at our retail service stations, have 55,000 Shell-branded retail service stations and 15,000 convenience stores.
On February 11, 2021, Shell set forth its Powering Progress strategy, including details of how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society.
For more details on Shell's Powering Progress strategy, please visit:
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