Sunoco to sell 204 stores to 7-Eleven for $1.0 billion

[January 11, 2024]  (Reuters) -Motor fuels distributor Sunoco LP said on Thursday it has agreed to sell 204 convenience stores in West Texas, New Mexico and Oklahoma to 7-Eleven Inc for about $1.0 billion. 

Sunoco said the proceeds from the sale will allow them to materially reduce leverage and help them with future growth.

Trading information for Sunoco is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2016. REUTERS/Brendan McDermid/File Photo

The Dallas-based company also announced it will acquire liquid fuels terminals in Amsterdam in the Netherlands and Bantry Bay in Ireland from Zenith Energy. Sunoco did not provide a transaction value was for the deal.

Sunoco's liquid fuels acquisition, which is expected to close in the first quarter of 2024, will provide supply optimization for the company's existing East Coast business.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Krishna Chandra Eluri)

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