The U.S. brand will expand its portfolio with more than 3,900 stores.
7-Eleven, Inc. has announced an acquisition agreement with Marathon Petroleum Corp., the owner of Speedway convenience stores, which will see the former acquire approximately 3,900 Speedway stores located in 35 states.
The agreement was made for $21bn, the largest in 7-Eleven’s history, and will considerably increase 7-Eleven’s current portfolio of 9,800 locations across the U.S. and Canada.
“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,” said Joe DePinto, president and CEO of 7-Eleven. “By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before.”
Because of the relative lack of overlap with 7-Eleven and Speedway’s footprints, this acquisition means that 7-Eleven will now have a presence in 47 of the top 50 most populated metro areas in the U.S. The two organizations will share best practices, so that 7-Eleven can welcome more than 40,000 Speedway team members into the brand’s workforce.
Subject to customary regulatory approvals and closing conditions, the agreement is set to be completed by the first quarter of 2021.