7-Eleven completes $3.3B purchase after agreeing to divest stores
7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco LP convenience stores in 17 states.
This acquisition is the largest in the company’s history and will bring the retailer’s total store count to approximately 9,700 in the United States and Canada. Seven & i Holdings Co. Ltd., the Tokyo-based parent company of 7-Eleven Inc., operates more than 65,000 stores in 18 countries globally.
- 7-Eleven ranked No. 1 on CSP’s 2017 Top 202 list of the largest c-store chains in the United States. Ahead of the 7-Eleven deal, Sunoco ranked No. 6 on the list. Click here to read “Ranking the Top 40 C-Store Chains: A Year-End Review.”
The Federal Trade Commission (FTC) ruled last week that the $3.3 billion acquisition, originally pegged at about 1,100 c-stores, would violate federal antitrust law and would harm competition in 76 markets. Under the terms of the consent agreement that has allowed the deal to go forward, 7-Eleven must sell 26 retail fuel outlets that it owns to Sunoco, and Sunoco is required to retain 33 fuel outlets that 7-Eleven otherwise would have acquired.
Seven & i has agreed to these conditions to settle the FTC charges.
7-Eleven’s acquisition of the company-operated c-stores in Texas, New York, Florida and other states from Sunoco takes advantage of Sunoco’s shift in focus to wholesale fuel.
The APlus and Stripes c-store brands and the Laredo Taco and Ladson Grill foodservice brands at these locations will continue to serve customers as the acquisition is completed, the company said.
“Part of what makes brand 7-Eleven so iconic is our global presence and our continued growth,” said Joe DePinto, president and CEO of Irving, Texas-based 7-Eleven Inc. “The acquisition of over 1,000 Sunoco stores supports our accelerated growth strategy, and we look forward to serving these great new customers.”
http://www.cspdailynews.com/mergers-acquisition-growth/mergers-acquisitions-news/articles/7-eleven-completes-acquisition-1030
