US retailer 7-Eleven has announced the acquisition of 3,900 Speedway stores from Marathon Petroleum Corp. for US$21 billion.
Located in 35 states across the US, Speedway is one of the biggest retailers in the country, with approximately 40,000 employees.
With the acquisition, 7-Eleven will increase its number of stores to 14,000 across the United States and Canada.
Joe DePinto, president and CEO of 7‑Eleven, said: “This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast”. He added, “By adding these quality locations to our portfolio, 7‑Eleven will have the opportunity to bring convenience to more customers than ever before”.
Michael J. Hennigan, president and CEO of Marathon Petroleum Corp., said: “Our announcement crystalizes the significant value of the Speedway business, creates certainty around value realization and delivers on our commitment to unlock the value of our assets”.
This deal is expected to be completed in the first quarter of 2021, after customary regulatory approval.
Sources: 7-Eleven Press Release