SUN Completes West Texas Asset Sale,Buys European Terminal
4/17 7:32 AM
SUN Completes West Texas Asset Sale,Buys European Terminals
OAKHURST, N.J. (DTN) --- Sunoco LP today announced the completion of the
acquisition of liquid terminals from Zenith Energy and the divestiture of 204
convenience stores to 7-Eleven, Inc.
On Tuesday (4/16), SUN completed the divestiture of 204 c-stores located in
West Texas, New Mexico and Oklahoma to 7-Eleven, Inc. for approximately $1.0
billion. This transaction further demonstrates the partnership's ability to
optimize its portfolio while positioning the balance sheet for material growth.
As part of the sale, SUN amended its existing take-or-pay fuel supply agreement
with 7-Eleven, Inc. to incorporate additional fuel gross profit.
SUN completed the acquisition of 100% equity interest in Zenith Energy
Netherlands Amsterdam B.V. for 170 million on March 13. The Amsterdam
terminal occupies a strategic position within the Port of Amsterdam, a pivotal
hub for global energy trading and a critical component of Europe's energy
market. The Bantry Bay terminal is Ireland's premier independent bulk liquids
storage facility supporting the nation's strategic oil reserves. This
acquisition creates supply chain efficiencies for the partnership's U.S. East
Coast operations and aligns with an ongoing commitment to add stable midstream
income.
Both transactions were completed at highly attractive multiples and are
immediately accretive to unitholders on key metrics. Including the impact from
the European terminal acquisition and West Texas divestiture, the partnership
continues to expect full year 2024 Adjusted EBITDA to be in a range of $975
million to $1 billion.
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