I 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 siladitya@protonmail.com.
Japanese retail major Seven & i Holdings—which owns convenience store chain 7-Eleven—has agreed to buy the Speedway chain of gas stations from Marathon Petroleum for $21 billion, in a move that will expand the company’s footprint in the U.S.... [+]The transaction, to be paid in cash, will add about 3,900 stores to the company’s existing 9,800 locations in the U.S.
Despite the growth in Seven & i’s U.S. footprint, the deal seems to have not gone down well with investors as the company’s shares fell nearly 9% on Monday, eventually closing at 5.6% down., is that while Speedway presently benefits from its presence in gas stations, Seven & i may eventually need to invest in charging stations as consumers migrate to electric cars.
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Marathon Petroleum to sell its gas stations to owner of 7-Eleven in $21 billion dealFuel maker Marathon Petroleum Corp. said it has agreed to sell its gas stations to the owners of the 7-Eleven convenience store chain for $21 billion in the...
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