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7-Eleven buys 1,108 Sunoco stores for $3.30B

Convenience store chain operator 7-Eleven Inc., owned by Japan's Seven & i Holdings Co. Ltd., on April 6 bought Sunoco LP's 1,108 gas stations and convenience stores for about $3.31 billion to expand into Texas and eastern U.S.

The move will help 7-Eleven reach average daily merchandise sales per store of $5,000 and increase the number of its stores to 10,000 by fiscal year ending Feb. 29, 2020, parent company Seven & i said in a release.

As part of the deal, the convenience store chain also plans to sign an agreement to receive gasoline from Sunoco for the next 15 years.

7-Eleven will not take any interest-bearing debt from the purchase, which is expected to be completed by August.

Texas-based Sunoco operates 1,355 convenience stores and retail fuel outlets along the East Coast, in the Southwest and in Hawaii, as of March 31.