Compañía de Petróleos de Chile COPEC S.A., through its U.S. subsidiary Copec Inc., has agreed to acquire MAPCO Express Inc. from Delek US Holdings, Inc. for USD 535 million.

The transaction has received unanimous approval of both Boards of Directors and is subject to customary regulatory and closing conditions. The transaction, which will be funded by cash on hand, is anticipated to close by year-end.

MAPCO is a leading convenience store chain with 348 corporate stores operating primarily in Tennessee, Alabama and Georgia, with additional presence in Arkansas, Virginia, Kentucky and Mississippi. MAPCO operates company stores under the following brands: MAPCO Express(R), MAPCO Mart(R), East Coast(R), Fast Food and Fuel(TM), Favorite Markets(R), Delta Express(R) and Discount Food Mart(TM).

In addition, MAPCO provides fuel to 142 dealer locations as of July 31, 2016, and provides logistical fuel transportation to MAPCO and third parties with approximately 50 tractors and trailers.

COPEC is one of the largest companies in Chile, operating in fuel and lubricants distribution and convenience stores. COPEC operates the largest convenience store network in Chile and has a 53% share of Chile’s gasoline market, with 626 company- and dealer-operated service stations, 82 Pronto-branded convenience stores and 220 Punto-branded convenience stores.

In addition, COPEC has a majority ownership stake (58.9%) in Organizacion Terpel S.A. based in Bogota, Colombia, which accounts for approximately 45% of Colombia’s fuel market. Terpel has 1,949 Terpel-branded gas stations in Colombia and 233 stores in Panama, Ecuador, Peru and Mexico under store brands Altoque and Deuna selling Terpel-branded fuel.

COPEC said it will retain MAPCO’s current retail team to provide a seamless entry into the U.S. convenience store market.

“The acquisition of MAPCO represents an important step for COPEC’s entry into the U.S. convenience store market, which has been identified as a key strategic growth opportunity. MAPCO’s assets are located in a geographic zone with interesting demographic attributes and with the size for a proper competitive operation in the U.S. market. After buying into the control of Organización Terpel in 2010, this is the second significant step to transform Copec into a broader company in the fuel retail and convenience store market,” said Lorenzo Gamuri, CEO of COPEC.

Delek’s exclusive financial advisor was RBC Capital Markets, LLC. COPEC’s financial advisor was Raymond James & Associates, Inc. and legal advisor was Simpson Thacher & Bartlett LLP.