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7-Eleven operates, franchises and/or licenses more than 13,200 stores in the US and Canada. Credit: Prapat Aowsakorn via Shutterstock.com.

Convenience store chain 7-Eleven has successfully closed the takeover of 204 US stores from independent fuel distributor Sunoco.  

The $1bn deal includes Stripes convenience stores and Laredo Taco Company restaurants across West Texas, New Mexico and Oklahoma. 

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The acquisition brings the total number of 7-Eleven, Speedway and Stripes locations operated, franchised or licensed by the company in the US and Canada to more than 13,000.  

7-Eleven now owns and operates all Stripes and Laredo Taco Company locations in the US. 

7-Eleven CEO Joe DePinto said: “Stripes and the Laredo Taco Company have been a great addition to our family of brands since they first joined us back in 2018.  

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“That deal provided us a valuable brand to grow our restaurant offering. We’re excited to welcome the remaining Stripes stores and Laredo Taco Company restaurants to the family, and we look forward to serving customers across West Texas, New Mexico and Oklahoma.” 

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Dallas-based Sunoco is a master limited partnership with a focus on distributing motor fuel to 10,000 convenience stores, independent dealers, commercial customers and distributors across 40 US states and territories.  

The company will revise its existing take-or-pay fuel supply agreement with 7-Eleven to include additional fuel gross profit. 

The company will use proceeds from the divesture to materially reduce leverage to execute on future growth opportunities. 

This will enable Sunoco to maintain a strong balance sheet and multi-year distribution growth. 

In 2017, the company entered an agreement to sell its 1,110 convenience stores in the US to 7-Eleven in a $3.3bn transaction.