V&E, Akin Gump, Advise on $3.3B Convenience Store Deal
Vinson & Elkins represents Sunoco LP in its pending $3.3 billion sale of more than 1,000 convenience stores, some in Texas, to 7-Eleven, which turned to Akin Gump Strauss Hauer & Feld.
April 06, 2017 at 04:00 AM
3 minute read
7-Eleven, the largest chain in convenience retailing, has agreed to acquire 1,109 convenience stores in 18 states from Sunoco LP (SUN) in a deal valued at $3.3 billion. Akin Gump Strauss Hauer & Feld represents Dallas-based 7-Eleven while Sunoco, also in Dallas, turned to Vinson & Elkins.
On April 6, the companies announced a definitive asset purchase agreement for 7-Eleven to buy the majority of Sunoco's convenience stores for $3.3 billion in cash plus fuel, merchandise and other inventories. The deal also includes a 15-year, take-or-pay fuel supply agreement with a 7-Eleven subsidiary, under which Sunoco will supply about 2.2 billion gallons of fuel annually.
The assets include 1,109 stores primarily in Texas and on the east coast, and trademarks and intellectual property of the Laredo Taco Co. and Stripes.
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