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Mike Mozart via Flickr CC

Seven & i Holdings Co, the 7-Eleven operator, said Thursday it would be buying convenience stores and petrol stations from Sunoco LP, the major gasoline refiner, according to AP. Sunoco is reportedly aiming to focus more on its fuel supply business.

The deal: The deal totals about $3.3 billion, and includes an agreement that Seven & i will buy gasoline from Sunoco for 15 years. 7-Eleven will be getting about 1,100 stores along the East Coast and in Texas. Sunoco shares have soared since the sale. The sale is expected to close by Q4.

Why it's happening: Two reasons. First, the bulk of Seven & i's operating profit comes from convenience stores, or about 3.29 billion USD (364.4 billion yen) in the year through February, and the Japanese retailer sees "opportunities" in potential growth in the convenience store market. Second, Seven & i has said it wants to increase its number of stores in the U.S. to 10,000 by the end of 2019.

Why it matters: The deal would be the biggest for Seven & i, which most recently acquired 79 stores from CST Brands Inc.

Go deeper

Caitlin Owens, author of Vitals
3 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.