Simpson Thacher Represents JPMorgan as Financial Advisor to Sunoco in Announced Divestiture of Convenience Stores
04.14.17
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The Firm represented JPMorgan as financial advisor to Sunoco LP (NYSE: SUN) in its agreement to divest a majority of its convenience stores to 7-Eleven, Inc. for $3.3 billion. The assets being sold include approximately 1,110 convenience stores in 19 geographic regions primarily along the East Coast and in Texas, and the associated trademarks and intellectual property of the Laredo Taco Company and Stripes. The transaction, which is expected to close by the fourth quarter of 2017, is subject to regulatory approvals and customary closing conditions.
Sunoco is a master limited partnership that operates 1,345 convenience stores and retail fuel sites and distributes motor fuel to 7,845 convenience stores, independent dealers, commercial customers and distributors located in 30 states.
The Simpson Thacher team included Chris May and Austen Heim (M&A).