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Sunoco shares soar after sale of convenience stores to 7-Eleven

A customer pumps fuel at a Sunoco gas station in Rockbridge, Ohio, Dec. 17, 2014.
Ty Wright | Bloomberg | Getty Images
A customer pumps fuel at a Sunoco gas station in Rockbridge, Ohio, Dec. 17, 2014.

Sunoco stocks skyrocketed Thursday, closing 20.24 percent higher after the gas station firm announced it would divest most of its convenience stores to 7-Eleven in a deal worth $3.3 billion.

On Thursday, Sunoco announced a definite asset purchase agreement with 7-Eleven for 1,110 Sunoco convenience stores in 19 geographic regions. The stores, which include gas stations and attached convenience stores geared toward motorists, will sell Sunoco fuel as part of a 15-year take-or-pay fuel supply agreement. The stores will retain the Sunoco brand.

The convenience store is a subsidiary of Tokyo-based retail conglomerate Seven & I Holdings, with subsidiaries that include convenience stores, restaurants, supermarkets, and banks.

Sunoco's stock, which is currently trading around $28.17 per share Thursday, closed at $24.07 on Wednesday.

Sunoco, a downstream petroleum distributor, sells gasoline through more than 4,900 retail outlets and is considered a 'pure play' company that focuses exclusively on a single industry or product, in this case selling petroleum.

Sunoco stock 5-day performance