7-Eleven is buying Speedway gas stations in a $21 billion deal
Japanese retail company Seven & I Holdings, parent company of 7-Eleven, has entered into a purchase agreement to acquire Speedway for $21 billion in cash, the companies announced Sunday.
"This transaction marks a milestone on the strategic priorities we outlined earlier this year," said Marathon CEO Michael J. Hennigan in a press release. "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.
The $21 billion deal comes after mounting pressure from investors, including Elliot Management Corporation, to help offset some of the financial trouble stemming from what it characterized as "chronic underperformance."that Marathon announced they would not be reopening two refineries in California and New Mexico that had been placed on a standstill in April. After tax, the Speedway deal is expected to bring in $16.
Acquiring Speedway means the 7-Eleven chain will add roughly 4,000 stores to their United States and Canada prescience, for a total of around 14,000 stores. While most convenience stores in the United States are located at gas stations, analysts have noted that 7-Eleven could benefit from the Japanese model of placing convenience stories in urban areas. This deal will create a 7-Eleven presence in 47 of the top 50 most populated metro areas,It's been turbulent year for oil sales across the globe, as the coronavrius pandemic lead to a steep decline in the demand for oil since March, leading to events such as U.S.
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7-Eleven Owner Agrees To Buy Gas Station Chain Speedway For $21 BillionI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter SiladityaRay or drop me an email at siladityaprotonmail.com.
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