Sunoco Announces Strategic Divestiture of Convenience Stores
Vinson & Elkins advised Sunoco LP in its definitive asset purchase agreement for the sale of a majority of its convenience stores to 7-Eleven, Inc. Total consideration in the transaction is $3.3 billion in cash plus fuel, merchandise and other inventories.
Sunoco LP is a master limited partnership that operates 1,345 convenience stores and retail fuel sites and distributes motor fuel to 7,845 convenience stores, independent dealers, commercial customers and distributors located in 30 states.
The V&E corporate team was led by partner Lande Spottswood with assistance from partner Matt Strock, senior associate Brittany Sakowitz and associate Yong Eoh. Also advising were partners Joe Garcia, Gary Huffman and associates Brian Russell and Lauren Meyers; counsel Larry Pechacek and senior associate Matt Dobbins; partner Randy Jurgensmeyer and associate Courtney Hammond; partner Tom Wilson and associate Steve Williamson; partner Brian Bloom; partner Devika Kornbacher; and partner Ted Stockbridge.
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