7-Eleven, Inc. has announced a deal to acquire 1,108 convenience stores currently operated by Sunoco across 18 US states. No financial details of the deal were disclosed.
7-Eleven currently operates just over 8,700 outlets in the US and Canada, and said this deal will one of the biggest-ever in its history. It added that the acquisition “supports our growth strategy in key geographic areas including Florida, mid-Atlantic states, Northeast states, and Central Texas”.
The sale is part of Sunoco’s strategy to focus on its fuel supply business – the company plans to sell another 200 stores by the end of the fourth quarter. It said it will use the proceeds primarily to repay some of its $4.51bn of debt. The deal will see Sunoco supply fuel to the stores for 15 years.
The acquisition is expected to be completed in the second half of 2017.
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