DALLAS, Tex. -- Sunoco 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.
7-Eleven Inc. will get about 1,110 convenience stores, mostly along the East Coast and in Texas.
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Approximately 200 convenience stores in Texas, New Mexico and Oklahoma will be sold separately.
The transaction also includes fuel, merchandise and other inventories. It does not include Sunoco's APlus franchisee-run stores or its Aloha Petroleum unit in Hawaii.
As part of the deal, Sunoco LP will have a 15-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary, under which Sunoco will supply approximately 2.2 billion gallons of fuel a year.
The sale, announced Thursday, is expected to close by the fourth quarter.
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