Shell has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy, making the company the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states. The deal also adds supply agreements with 552 more dealer-owned locations.
“Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base. The transaction is fully aligned with our growth strategy to focus capital on businesses in which we have distinctive advantages and can create long-term shareholder value,” said Machteld de Haan, president of downstream, renewables and energy solutions, Shell.
Shell already has the largest branded fuel network in the US, with around 12,000 primarily wholesaler- and dealer-owned fuel and convenience retail sites across 49 states serving more than 7 million customers daily. This acquisition “significantly strengthens its company-owned presence in the U.S.,” the company noted in a statement.
“The investment is in line with Shell’s strategy to reallocate capital from lower-return areas to businesses and markets where the company has proven it can deliver strong performance and has clear competitive advantages, as announced at its Capital Markets Day in 2025,” the statement continued.
Shell noted that 80% of its growth cash cash expenditure in the Mobility & Convenience business will be spent in 10 key markets, such as the U.S., where it generates the majority of its cash flow.
The deal is expected to be completed by the end of 2026, subject to regulatory clearance and the satisfaction of closing conditions.
