The convenience store giant has entered into an agreement to acquire 204 stores from Sunoco LP, which includes Stripes convenience stores and Laredo Taco Company restaurants. The deal is valued at approximately $1 billion.

Stripe's parent company entered an agreement with 7-Eleven that acquired the stores last month. All Stripe's locations in west Texas, New Mexico, and Oklahoma were sold.

The locations will join the more than 13,000 7-Eleven, Speedway and Stripes locations that 7-Eleven currently operates, franchises and/or licenses across the U.S. and Canada. With the addition of the stores, 7-Eleven will own and operate all Stripes and Laredo Taco Company locations across the United States.

Sunoco first acquired the Stripes convenience stores in 2015 with the purchase of Susser Holdings and its approximately 680 Stripes-branded convenience stores in Texas, New Mexico and Oklahoma. Susser in 2007 acquired San Angelo-based Town & Country Food Stores and its 168 locations in West Texas and eastern New Mexico.

"Stripes and Laredo Taco Company have been a great addition to our family of brands since they initially joined us back in 2018," said Joe DePinto, CEO of 7-Eleven, Inc. "We're excited to welcome the remaining Stripes stores and Laredo Taco Company Restaurants to the family, and we look forward to serving even more customers across West Texas, New Mexico and Oklahoma."

As part of the current sale, Sunoco will also amend its existing take-or-pay fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit. Proceeds from the sale will allow Sunoco to materially reduce leverage to execute on future growth opportunities while maintaining a strong balance sheet and multi-year distribution growth, Sunoco said.

Based in Irving, Texas, 7-Eleven is known for its iconic brands such as Slurpee, Big Bite and Big Gulp. 7-Eleven has also expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. The company’s 7Rewards and Speedy Rewards loyalty programs boast more than 80 million members.

Sunoco said it will use proceeds from the sale to reduce debt and "execute on future growth opportunities."

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