Thursday, April 06, 2017 1:44:13 PM
Sunoco LP (NYSE: SUN) ("SUN") today announced that it entered into a definitive asset purchase agreement for the sale of a majority of its convenience stores to 7-Eleven, Inc. ("7-Eleven").
https://mma.prnewswire.com/media/464037/Sunoco_LP_Logo.jpg
Total consideration in the transaction is $3.3 billion in cash plus fuel, merchandise and other inventories. SUN expects to use the proceeds to repay indebtedness and for general partnership purposes.
SUN President and Chief Executive Officer Bob Owens stated, "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."
Assets being sold to 7-Eleven include approximately 1,110 convenience 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. As part of the transaction, SUN will enter into a 15-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary under which SUN will supply approximately 2.2 billion gallons of fuel annually. This supply agreement will have guaranteed annual payments to SUN, provides that 7-Eleven will continue to use the Sunoco brand at currently branded Sunoco stores and includes committed growth in future periods.
Approximately 200 convenience stores in North and West Texas, New Mexico and Oklahoma will be sold in a separate process. SUN's Aloha Petroleum business unit in Hawaii will continue to operate its highly efficient and integrated business model within SUN. Likewise, the transaction does not include SUN's highly successful APlus franchisee-operated stores.
Recent ET News
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 09/17/2024 08:30:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/26/2024 12:00:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/13/2024 08:49:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/13/2024 08:46:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 08:28:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/12/2024 12:42:01 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/12/2024 12:31:11 PM
- Energy Transfer Announces Pricing of Secondary Public Offering of Common Units • Business Wire • 08/09/2024 01:16:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/09/2024 12:42:39 PM
- Energy Transfer Announces Secondary Public Offering of Common Units • Business Wire • 08/09/2024 11:11:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 04:30:35 PM
- Energy Transfer Reports Second Quarter 2024 Results • Business Wire • 08/07/2024 08:10:00 PM
- Sunoco LP Reports Record Second Quarter 2024 Financial and Operating Results • PR Newswire (US) • 08/07/2024 11:00:00 AM
- US Index Futures Rise Amid Earnings Season Optimism, Oil Prices Rebound • IH Market News • 08/07/2024 09:49:12 AM
- Letter To Stockholders Issued By Diamondback Energy, Inc. • GlobeNewswire Inc. • 08/05/2024 08:02:35 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/02/2024 11:30:41 AM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 07/26/2024 11:26:35 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 09:21:52 PM
- Sunoco LP Maintains Quarterly Distribution • PR Newswire (US) • 07/25/2024 08:15:00 PM
- Energy Transfer Announces Increase in Quarterly Cash Distribution • Business Wire • 07/25/2024 08:15:00 PM
- Energy Transfer LP Announces Cash Distribution on Series I Preferred Units • Business Wire • 07/23/2024 08:15:00 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 07/17/2024 08:06:10 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/16/2024 08:31:17 PM
- Energy Transfer and Sunoco Announce Strategic Permian Basin Crude Oil Joint Venture • PR Newswire (US) • 07/16/2024 01:10:00 PM
- Energy Transfer and Sunoco Announce Strategic Permian Basin Crude Oil Joint Venture • Business Wire • 07/16/2024 01:10:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM