Shell (operating through its subsidiary Equilon Enterprises) has agreed to increase its stake in Tri Star Energy, LLC from 33% to 100%, strengthening its company-owned mobility and convenience retail presence in the southeastern United States, according to a press release by Shell.

Under the agreement, Shell will acquire full ownership of an additional 320 fuel and convenience retail sites across Tennessee and neighboring states, alongside supply agreements covering 552 dealer-owned locations. Tri Star Energy’s operations are primarily concentrated in the Nashville market.

Shell currently operates the largest branded fuel network in the US, comprising approximately 12,000 primarily wholesaler- and dealer-owned fuel and convenience retail sites across 49 states. The network serves more than seven million customers daily.

The acquisition supports Shell’s strategy of reallocating capital from lower-return businesses toward markets and activities where it has established competitive advantages and opportunities to generate stronger returns.

The company outlined this approach at its 2025 Capital Markets Day, stating that 80% of growth cash capital expenditure in its Mobility & Convenience business will be directed toward 10 key markets, including the US, where Shell generates the majority of its cash flow.

The transaction is expected to close by the end of 2026, subject to regulatory approvals and the fulfillment of customary closing conditions.

Tri Star Energy is a US-based convenience store operator and fuel distributor, primarily serving Tennessee and the southeastern United States, with a strong presence in the Nashville market. It operates fuel stations and convenience stores and supplies fuel to additional dealer-owned locations. Shell currently owns 33% and has agreed to acquire the remaining stake.