7-Eleven to Buy Sunoco Stores for $3.3B

Dallas-based 7-Eleven Inc. is taking a major step to growing its footprint with a deal to acquire approximately 1,108 convenience stores from Sunoco LP.

Total consideration for the transaction is $3.3 billion in cash, plus fuel, merchandise and other inventories. Dallas-headquartered Sunoco expects to use the proceeds to repay indebtedness and for general partnership purposes.

The stores, which are just part of the asset purchase agreement, are located in 18 states. The transaction is expected to close in the second half of this year.

Read more about the deal on the website of Progressive Grocer's sister brand Convenience Store News here.