Sunoco selling convenience stores to 7-Eleven

The deal involves 1,110 locations but does not affect APlus franchisee-run stores, the companies said Thursday

Sunoco said Thursday it is selling most of its convenience stores to 7-Eleven in a deal valued at $3.3 billion as it looks to focus more on its fuel supply business.

Sunoco’s APlus franchisee-run stores is not a part of the deal, the companies said in announcing the transaction.

7-Eleven Inc. will get about 1,110 convenience stores, mostly along the East Coast and in Texas. Approximately 200 convenience stores in Texas, New Mexico and Oklahoma will be sold separately. The transaction also includes fuel, merchandise and other inventories.

The deal also does not include an Aloha Petroleum unit in Hawaii.

As part of the deal, Sunoco LP will have a 15-year take-orpay fuel supply agreement with a 7-Eleven subsidiary, under which Sunoco will supply approximately 2.2 billion gallons of fuel a year.

A list of the properties that will change hands in the Philadelphia area was not immediately available.

Sunoco President and Chief Executive Officer Bob Owens said the sale reflects a change in his company’s focus.

“The sale of these retail assets to 7-Eleven is the beginning of an exciting evolution for SUN into a premier nationwide fuel supplier,” Owens said in a statement, refer-

ring to his company by its stock market ticker symbol. “Our supply agreement with 7-Eleven provides SUN with a predictable long-term income stream, and this transaction quickly allows SUN to improve its financial profile.”

Approximately 200 convenience stores in North and West Texas, New Mexico and Oklahoma will be sold in a separate process, Sunoco said. Its Aloha Petroleum business unit in Hawaii will continue to operate.

“Likewise, the transaction does not include SUN’s highly successful A Plus franchiseeoperated stores ,” the company said.

7-Eleven Inc., based in Irving,

Texas, has 8,707 stores in the United States and Canada. This acquisition will be one of the largest in 7-Eleven’s history, and it will bring 7-Eleven, Inc.’s total number of stores to 9,815 in the U.S. and Canada.

“This acquisition supports our growth strategy in key geographic areas including Florida, mid-Atlantic states, Northeast states, and Central Texas,” said Joe DePinto, president and Chief Executive Officer of 7-Eleven Inc.

The transaction is expected to close in the second half of this year.

FILE PHOTO Sunoco is selling about 1,110 convenience stores to 7-Eleven, the companies announced Thursday.