Sunoco Enters Definitive Agreement For Sale Of 204 Convenience Stores To 7-Eleven For ~$1B
Portfolio Pulse from Benzinga Newsdesk
Sunoco LP has entered into a definitive agreement to sell 204 of its convenience stores to 7-Eleven Inc. for approximately $1 billion. Additionally, Sunoco announced plans to acquire liquid fuels terminals in Amsterdam, Netherlands, and Bantry Bay, Ireland, from Zenith Energy.
January 11, 2024 | 12:02 pm
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Sunoco LP's sale of 204 convenience stores to 7-Eleven for $1B and its intention to acquire fuel terminals could indicate a strategic shift in its business model, focusing more on fuel supply operations.
The sale of a significant number of convenience stores suggests Sunoco is divesting from retail to concentrate on its fuel supply business. The acquisition of fuel terminals could strengthen its supply chain and distribution capabilities, which may be viewed positively by investors. The substantial cash inflow from the sale could be used to fund the acquisitions and other strategic initiatives, potentially improving Sunoco's financial position and future prospects.
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