CrossAmerica Partners’ $263 Million Acquisition of 106 Convenience Store Locations From 7-Eleven

Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to CrossAmerica on the deal.

CrossAmerica Partners LP, a leading wholesale fuels distributor, convenience store operator and owner and lessor of real estate used in the retail distribution of motor fuels, has entered into a definitive agreement to acquire certain convenience store properties from 7-Eleven, Inc. for an aggregate cash purchase price of $263 million. 

The sites to be acquired consist of company-operated sites that are being sold by 7-Eleven as part of a divestiture process in connection with its previously announced acquisition of the Speedway business from Marathon Petroleum Corporation (“Marathon”), and are located in regions of the U.S. within CrossAmerica’s existing asset base. The vast majority of the sites are currently operating under the Speedway brand, and all sites will be rebranded in connection with the closing. 

The Skadden team included M&A partners Allison Land (Wilmington; Picture) and Marc Gerber (Washington, D.C.), counsel Richard West (Wilmington), and associates John Saathoff (Wilmington), Alexander Heath (Wilmington) and Danielle Joe (Wilmington); Antitrust/Competition partner Kenneth Schwartz (New York) and counsel Elliot Silver (Washington, D.C.); Tax partner Steven Matays (New York); Executive Compensation and Benefits counsel Linda Barrett (New York); Environmental counsel Elizabeth Malone (Washington, D.C.); Labor and Employment Law counsel Annie Villanueva (Palo Alto); and Real Estate associate Christine Szafranski (Chicago).

Involved fees earner: Linda Barrett – Skadden Arps Slate Meager & Flom; Marc Gerber – Skadden Arps Slate Meager & Flom; Alexander Heath – Skadden Arps Slate Meager & Flom; Danielle Joe – Skadden Arps Slate Meager & Flom; Allison Land – Skadden Arps Slate Meager & Flom; Elizabeth Malone – Skadden Arps Slate Meager & Flom; Steven Matays – Skadden Arps Slate Meager & Flom; John Saathoff – Skadden Arps Slate Meager & Flom; Kenneth Schwartz – Skadden Arps Slate Meager & Flom; Elliot Silver – Skadden Arps Slate Meager & Flom; Christine Szafranski – Skadden Arps Slate Meager & Flom; Annie Villanueva – Skadden Arps Slate Meager & Flom; Richard West – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: CrossAmerica Partners LP;

Author: Martina Bellini