CST Brands, a San Antonio-based fuel and convenience retailer, has entered into a definitive agreement to sell stores in California and Wyoming to 7-Eleven, and its wholly-owned subsidiary, SEI Fuel Services, for $408m.

The deal covers 76 stores in California and three in Wyoming.

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The transaction is subject to customary closing conditions. It is expected to close this year.

"This is a tremendous opportunity for the right buyer and we look forward to working with 7-Eleven to close this transaction."

CST chairman, president and CEO Kim Lubel said: "These have been great performing stores, which is a tribute to our hardworking, dedicated employees.

"This is a tremendous opportunity for the right buyer and we look forward to working with 7-Eleven to close this transaction."

Raymond James advised CST Brands in the transaction.

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CST Brands is as leading retailer of motor fuels and convenience merchandise in North America.

Based in San Antonio, Texas, CST employs over 14,000 people at over 2,000 locations throughout the southwestern US, Georgia, Florida, New York, and eastern Canada. Its stores offer a broad array of convenience merchandise, beverages, snacks and fresh food.

In Canada, CST is the exclusive provider of Ultramar fuel and its Dépanneur du Coin and Corner Stores units sell signature Transit Café coffee and pastries.