7-Eleven is acquiring from Sunoco approximately 1,110 c-stores in 19 geographic regions primarily along the East Coast and in Texas, and the associated trademarks and intellectual property of the Laredo Taco Company and Stripes.
Sunoco will sell approximately 200 c-stores in north and west Texas, New Mexico and Oklahoma in a separate process.
As part of the transaction, Sunoco will enter into 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 annually. This supply agreement will have guaranteed annual payments to Sunoco, provides that 7-Eleven will continue to use the Sunoco brand at currently branded Sunoco stores and includes committed growth.
Sunoco’s Aloha Petroleum business unit in Hawaii will continue to operate its integrated business model within Sunoco. The transaction does not include Sunoco’s APlus franchisee-operated c-stores.
Dallas-based Sunoco LP is a master limited partnership (MLP) that operates 1,345 convenience stores and retail fuel sites and distributes motor fuel to 7,845 c-stores, independent dealers, commercial customers and distributors in 30 states.
Irving, Texas-based 7-Eleven operates, franchises or licenses more than 62,000 stores in 17 countries, including 10,900 in North America.