7-Eleven Australia has confirmed it is to acquire all 295 petrol stations belonging to Exxon Mobil in the country.

The deal comes after Exxon Mobil’s agreement to sell the petrol stations to Caltex Australia was blocked by antitrust regulators on competition grounds. The deal will see the number of 7-Eleven stores in Australia rise to about 650.

7-Eleven chief executive Warren Wilmot said: “We expect to convert most of the Mobil sites into 7-Eleven stores by the end of 2011. This is also great news for our existing franchisees, as it will bring greater buying and marketing power.”