The ink was hardly dry on Energy Transfer Equity, L.P.’s recent influx of $300 million into Sunoco LP when Sunoco announced on Thursday that it will sell nearly 1,100 fueling stations and convenience stores in Texas and the Northeast to 7-Eleven in a deal worth $3.3 billion.
OK Energy Today reported on March 31 regarding ETE’s initial $300 million investment in Sunoco. It appears that ETE is poised to further capitalize on the 7-Eleven deal with a 15-year supply contract involving the sale of 2.2 billion gallons of fuel annually.
Sunoco is in the process of shedding its retail operations as it focuses on the core fuel supply business. The company will also sell 200 additional stores located in Oklahoma, New Mexico and north Texas through a separate transaction in the near future.
In 2012, Sunoco was acquired by ETE for more than $5 billion. The companies were maintained as separate business entities until ETE’s recent move to consolidate its publicly traded brands.
The sale of the fueling stations to 7-Eleven is expected to close by the end of 2017.
