Akin Gump Advises CST Brands in Sale of 7-Eleven Stores in California and Wyoming
(Fort Worth, Texas) – CST Brands, Inc., a San Antonio-based Fortune 500 fuel and convenience retailer, has entered into a definitive agreement to sell store operations in both the California and Wyoming markets to 7-Eleven, Inc. and its wholly-owned subsidiary, SEI Fuel Services, Inc. The transaction includes 76 stores in California and three stores in Wyoming. Akin Gump advised CST Brands in the matter.
The purchase price for the transaction, which is subject to customary closing conditions including possible purchase price adjustments at the time of close, is $408 million. The cash deal is expected to close mid-summer 2016; however, there is no assurance that a transaction will be completed.
Akin Gump corporate partner Lisa Peterson and counsel Timothy Clark led the team advising CST Brands. They were joined by tax partner Josh Williams, senior counsel Michael Gerald and associate Stuart Alter; real estate associate Chad Richwine; labor and employment senior counsel R.D. Kohut; and environment, natural resources and land partner David Quigley and senior counsel Andrew Oelz.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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