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.
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