Convenience store giant 7-Eleven has completed a $1 billion deal with rival Sunoco that adds more than 200 stores to its U.S. real estate portfolio.
The 204 stores, located in West Texas, New Mexico and Oklahoma, joins 7-Eleven's portfolio of more than 13,000 stores in the United States and Canada. With the closing of the acquisition, 7-Eleven now owns all Stripes- and Laredo Taco Co.-branded stores in the United States, according to a statement from 7-Eleven.
"Stripes and Laredo Taco Co. have been a great addition to our family of brands since they first joined us back in 2018," said 7-Eleven's CEO Joe DePinto in a statement. The deal gives Irving, Texas-based 7-Eleven a "valuable brand to grow our restaurant offering," DePinto said in the statement.
7-Eleven did not immediately respond Wednesday to an interview request from CoStar News seeking additional information on the deal, including the addresses of the acquired stores. The seller, Sunoco LP, unveiled the proposed acquisition to its investors in January, saying it also amended its existing take-or-pay fuel supply agreement with 7-Eleven as part of the deal to "incorporate additional fuel gross profit."
7-Eleven has added to its convenience store portfolio with the help of Sunoco as it exits the convenience store business.
Years ago, 7-Eleven added more than 1,100 stores to its portfolio that were once Sunoco stores as the energy company sought to exit its portfolio of convenience stores.
Sunoco touts itself as being the nation's largest independent fuel distributor with the majority of its customers being "independent operators in the retail fuel space," according to the company. As of Dec. 31, 2023, the company operated 75 retail stores in Hawaii and New Jersey.
Sunoco's general partner is owned by Energy Transfer. 7-Eleven is owned by Tokyo-based Seven & i Holdings.