7-Eleven Inc. and Sunoco LP released a statement confirming that the $3.3 billion acquisition of Sunoco LP’s convenience store assets by 7-Eleven is expected to close soon.
“7-Eleven Inc. and Sunoco LP are jointly committed to closing the value-creating transaction,” the companies said.
The companies believe the transaction to be in the latter stages of the regulatory approval process with the Federal Trade Commission. Subject to completion of the regulatory process and customary closing conditions, 7-Eleven and Sunoco expect closing to occur in January 2018.
In April, 7‑Eleven Inc. announced it had entered into an asset purchase agreement with Sunoco LP. As part of the agreement, 7‑Eleven will acquire approximately 1,108 convenience stores located in 18 states. At the time the transaction was announced it was expected to close in the second half of 2017.
Sunoco LP is a master limited partnership that operates 1,346 convenience stores and retail fuel sites and distributes motor fuel to 7,898 convenience stores, independent dealers, commercial customers and distributors located in 30 states.