Susser Holdings, owner and operator of 630 convenience stores under the Stripes and Pac-N-Sac banner, has agreed to a merger with Energy Transfer Partners, parent of Sunoco, the companies said Monday.
Dallas-based ETP will pay $1.8 billion for Susser in a combination of cash and stock. The deal has been approved by the boards of both companies and is expected to be completed in the third quarter, subject to shareholder approval and other closing conditions.
The companies in a statement said the deal would create “a strong and diversified stand-alone retail business that provides significant value and synergy opportunities and a platform for future growth.”
ETP through Sunoco operates more than 5,000 stores, primarily on the East Coast. Susser, based in Corpus Christi, Texas, operates stores in Texas and surrounding states.
Bob Owens, president and CEO of Sunoco, will serve as the president and CEO of the combined businesses, reporting to Kelcy Warren, chairman and CEO of ETP. Sam L. Susser will continue as chairman of Susser Petroleum Partners, the fuel distribution of Susser. The management team will combine members from both organizations to prepare for and execute the integration of the combined businesses.
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