NASHVILLE, Tenn. — Tri Star Energy LLC will divest some assets as it moves forward on its deal to acquire portions of Hollingsworth Oil Co. Inc.
As part of an agreement to settle antitrust concerns with the Federal Trade Commission (FTC), Tri Star will sell retail fuel assets in Whites Creek and Greenbrier, Tenn., within 10 days after its completes its transaction with Hollingsworth.
According to the FTC's complaint, the proposed acquisition would harm competition for both retail gasoline and retail diesel in the two local markets. In each of these markets, the deal would result in a merger to monopoly.
The complaint alleged that, without the remedy, the acquisition would substantially lessen competition for the retail sale of gasoline and diesel in Whites Creek and in Greenbrier. The acquisition would increase the likelihood that Tri Star could unilaterally raise prices in each of the two markets, the FTC said.
Tri Star and Hollingsworth are required to maintain the competitiveness of the divestiture assets during the divestiture process.
Nashville-based Tri Star, the parent of Twice Daily convenience stores, operates fuel outlets and c-stores in four states including Tennessee. Springfield-based Hollingsworth, parent of Sudden Service c-stores, operates fuel outlets and c-stores throughout middle Tennessee.