7-Eleven on Tuesday completed the purchase of 1,030 stores in 17 states, including Stripes stores in Texas, from Dallas-based Sunoco for $3.3 billion.
The deal brings 7-Eleven's U.S. and Canada store count to 9,700 and puts it in the Houston market. 7-Eleven also purchased the Stripes and Laredo Taco Company brands. It's one of the largest purchases by Irving-based 7-Eleven and gets Sunoco, which said it wants to focus on being a gasoline supplier, mostly out of the retail business.
The deal, which was first proposed in April, closed after 7-Eleven agreed last week to settle Federal Trade Commission charges that its proposed acquisition from Sunoco would violate federal antitrust laws.
The FTC review found 76 areas inside 20 cities mostly in Florida and Texas where competition would be harmed if stores that sell gasoline had the same owner. Few consumers are willing to travel big distances to fill up their vehicles, so neighborhood scrutiny could be as small as a few blocks to a few miles, the FTC said in a statement last week outlining the settlement.
7-Eleven agreed to sell 26 stores to Sonoco and Sonoco had to keep 33 stores that otherwise would have been included in the sale to 7-Eleven.
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Presented by Dallas Morning News, January 24, 2018.