7-Eleven to pick up Sunoco's convenience stores for $3B
April 07, 2017
General Merchandise Stores | Philadelphia, PA | Corporate Acquisition
7-Eleven has agreed to acquire more than 1,000 of Sunoco's (NYSE: SUN) convenience stores in the continental US for $3.3 billion in cash plus fuel, merchandise and other inventories. The deal includes a 15-year fuel supply agreement, with Sunoco supplying 2.2 billion gallons annually, and launches the sales process for Sunoco's remaining convenience stores in Texas, New Mexico and Oklahoma. Sunoco's shares skyrocketed 20% on the news Thursday.