7-Eleven will gain 1,110 convenience stores in 19 geographic regions primarily on the East coast and in Texas, and the associated trademarks and intellectual property.
Sunoco President and Chief Executive Officer Bob Owens said in a news release announcing the agreement, "The sale of these retail assets to 7-Eleven is the beginning of an exciting evolution for SUN into a premier nationwide fuel supplier. 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."
The company plans to sell an additional 200 stores located in North and West Texas, New Mexico and Oklahoma separately, while it will continue to operate its Aloha Petroleum business unit in Hawaii. The sale does not affect its APlus franchisee-operated stores.
The sale is part of Sunoco's previously announced strategic plan to focus on its fuel business and shift away from company-owned convenience stores.
Sunoco expects to complete the sale during the fourth quarter of 2017, pending regulatory approval and closing conditions.