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7-Eleven Inc. agreed to buy the majority of Sunoco's convenience store business for $3.31B.
The deal will transfer 1,108 U.S. convenience stores spread across 19 geographic regions to 7-Eleven, with each store costing an average of $2.98M, CoStar reports. The agreement highlights continued strength in the convenience retail sector even as other retail segments struggle with bankruptcy levels surpassing those seen in the Great Recession.
The move is in line with an announcement made in October 2016 by 7-Eleven’s parent company, Seven & I Holdings, which said the firm is eager to expand its North American convenience store business, especially through acquisitions.
Under terms of the deal, Sunoco will enter into a 15-year agreement to supply 2.2 billion gallons of fuel to a 7-Eleven subsidiary annually. The deal is expected to close by Q4 2017 pending regulatory approval.
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