Marathon Ashland Petroleum LLC (MAP), through its wholly owned retail unit Speedway SuperAmerica LLC (SSA), has signed a definitive agreement to sell all 193 of its convenience stores
located in Florida, South Carolina, North Carolina and Georgia to Sunoco for $140 million plus store inventory.
The companies anticipate closing the transaction in the second quarter of 2003, subject to any necessary regulatory approvals and customary closing conditions. Sunoco has committed to offer employment to substantially all current SSA employees related to these units.
"This transaction represents the on-going implementation of MAP's three- pronged retail marketing strategy which includes continued focus on SSA's solid Midwest operations, additional growth in the Marathon Brand and continued growth with the Pilot Travel Center joint venture," said Gary R. Heminger, MAP president.