Seven & i Holdings, parent of 7-Eleven Inc, has agreed to purchase Speedway petrol stations from Marathon Petroleum Corp. in the US in a deal worth $21bn.
Taking the estate to 14,000
In February 2020, Seven & i Holdings, began talks to acquire Marathon Petroleum Corp.’s Speedway gas stations for about US$22bn. In March, it was announced that the deal was scrapped because the expected asking price of around US$22bn was considered too high by 7&i.
7-Eleven has now announced it will acquire approximately 3,900 Speedway stores located in 35 states, for $21 billion in cash. This will bring the retailer’s estate up to approximately 14,000 sites in the US and Canada, supporting the company’s growth strategy. Following the acquisition, 7-Eleven will have stores located in 47 of the top 50 most populated metro areas in the US.
7-Eleven, Inc. has experience in acquisitions. In early 2018, it acquired 1,108 stores from Sunoco in a US$3.3bn deal. In January 2020, the 7-Eleven banner surpassed 70,000 stores globally.
Joe DePinto, President and Chief Executive Officer 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. By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before."
Want to know more?
Retail Analysis subscribers can view and download our Strategic outlook for Seven & i Holdings here.