Sunoco LP stated Thursday it agreed to promote 204 comfort shops in West Texas, New Mexico and Oklahoma to 7-Eleven Inc. for about $1 billion.
The deal consists of Stripes comfort shops and Laredo Taco Company eating places.
Sunoco’s inventory SUN rose by 1.6% in premarket buying and selling. 7-Eleven doesn’t have publicly traded inventory.
7-Eleven stated the transaction will add all remaining Stripes and Laredo Taco Company places that it doesn’t already personal from a 2018 deal.
The shops will be part of its community of 13,000 Speedway and Stripes comfort shops within the U.S. and Canada.
7-Eleven Chief Executive Joe DePinto stated the Stripes and Laredo Taco places “have been a great addition to our family of brands.”
Sunoco stated it’ll use proceeds from the sale to cut back debt and “execute on future growth opportunities.”
Sunoco additionally stated it’s paying an undisclosed sum for liquid gas terminals in Amsterdam and Bantry Bay, Ireland from Zenith Energy
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Sunoco stated the “tuck-in acquisition” will add to unitholder distributions within the first yr of possession and will likely be funded by its revolving credit score facility. The deal is predicted to shut within the first quarter of 2024.
Sunoco additionally stated it continues to count on 2024 adjusted earnings earlier than curiosity, taxes, amortization and depreciation of $975 million to $1 billion.
Source web site: www.marketwatch.com
