San Antonio-based fuel and convenience retailer CST Brands has closed the sale of 79 stores in the US states of California and Wyoming to 7-Eleven and SEI Fuel Services.
It signed an agreement for the sale of the retail outlets in May.
The purchase price for the deal is $408m, in addition to adjustments for inventory and working capital.
CST Brands expects to use the majority of the cash proceeds from the sale to reduce its loans under CST’s revolving credit facility.
The firm was advised by Raymond James in the deal.
Earlier this year, CST completed the acquisition of the Flash Foods properties in Georgia and Florida.
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CST Brands is a leading independent retailer of motor fuels and convenience merchandise in North America.
It has more than 14,000 employees at more than 2,000 locations in the US and Canada.
These outlets offer a broad range of convenience merchandise, beverages, snacks and fresh food.