Sunoco LP announced that it has entered into a definitive agreement for the sale of 204 convenience stores to 7-Eleven, Inc. for approximately $1.0 billion.
On January 11, 2024, Sunoco entered into a definitive agreement with 7-Eleven to sell 204 convenience stores located in West Texas, New Mexico, and Oklahoma for approximately $1.0 billion, including customary adjustments for fuel and merchandise inventory.
As part of the sale, Sunoco will also amend its existing take-or-pay fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit.
Proceeds from the sale will allow Sunoco to materially reduce leverage to execute on future growth opportunities while maintaining a strong balance sheet and multi-year distribution growth. The transaction is expected to close promptly upon receipt of regulatory approvals and satisfaction of customary closing conditions.
