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Sunoco Bought by 7-Eleven for $3.3 Billion

Sunoco Bought by 7-Eleven for $3.3 Billion


DALLAS, TX
Monday, April 10th, 2017

While 7-Eleven has already permeated across the U.S., its plans for growth have not been stifled. 7-Eleven has announced its plans to further grow the company through acquiring  Sunoco in a $3.3 billion deal.

Joe DePinto, President and CEO, 7-Eleven"This acquisition supports our growth strategy in key geographic areas including Florida, mid-Atlantic states, Northeast States and Central Texas," said Joe DePinto, President and CEO of 7-Eleven, in a statement.

The deal will result in 7-Eleven gaining 1,108 Sunoco locations. According to USA Today, this move stems from the company’s parent, Seven & I, and its announcement in October to expand 7-Eleven's network and strengthen its merchandising. The company intends to have 10,000 stores by the end of the fiscal year in February 2020.

As we previously reported on our sister website, AndNowUKnow, Senior Director of Food Innovation Anne Readhimer made headlines when she announced the company would be remodeling its stores to focus on fresh. This move could potentially work in tandem with that plan as the company continues to expand.

The Sunoco stores, located in 18 states across the U.S., will further escalate the retailer’s plans for growth. Once the deal closes, 7-Eleven’s total number of stores will have increased to 9,815 locations throughout the U.S. and Canada. Most of the locations are in the Eastern U.S.

Bob Owens, President and CEO, Sunoco"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," Sunoco President and CEO Bob Owens said in a statement.

200 of Sunoco’s locations, located in North and West Texas, New Mexico, and Oklahoma will be sold in a separate process. Sunoco stated that this strategy is part of the company’s new focus on its fuel operations.

The company stated that transaction is expected to close in the second half of this year.

7-Eleven


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