Seven & i Holdings Co., the world’s largest convenience store operator, is betting $21 billion on the future of quick-stop shopping in the U.S.
The global operator of the 7-Eleven franchise agreed to buy Marathon Petroleum Corp.’s gas-station business, adding 3,900 Speedway outlets to clinch a dominant position of almost 14,000 stores in the U.S. and Canada.
“The disadvantage of not winning this bid would have been other competitors expanding their business,” Joseph DePinto, president of the 7-Eleven Inc. U.S. operation, said during a conference call. “This is a once-in-a-millennium opportunity,” Isaka said on the conference call. “This is a historic first step as we seek to become a global retailer.”
Seven & i was seeking a deal earlier this year to buy Speedway, the second-largest chain of its kind in the U.S., but hit the pause button after offering $22 billion, Bloomberg reported in March. Not only is the deal $1 billion below that earlier offer, but the yen has strengthened this year, resulting in a dollar-based discount of at least 5% from a February peak.
“Japan’s convenience store market is at its limit as the population ages,” said Hiroaki Watanabe, a logistics analyst and author of a book on Japan’s convenience store industry. “There will be a short-term impact from the coronavirus in the U.S., but long term the population there will keep growing.”
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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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7-Eleven owner is buying Marathon Petroleum's Speedway gas stations for $21 billionThe Japanese owner of 7-Eleven is buying the Speedway chain of gas stations in one of the biggest acquisitions in the world since the coronavirus pandemic hit this year.
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Marathon Petroleum sells Speedway to 7-Eleven owner for $21 billionMarathon Petroleum has agreed to sell its Speedway gas stations in the United States to Japanese retail group Seven & i Holdings for $21 billion, the companies said, five months after the deal was put on hold amid the coronavirus outbreak.
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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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Marathon Petroleum to Sell Gas-Station Chain to 7-Eleven Owners for $21 BillionFuel maker Marathon Petroleum has agreed to sell its gas stations to the owners of the 7-Eleven convenience-store chain for $21 billion in the largest U.S. energy-related deal of the year.
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7-Eleven owner is buying Marathon Petroleum's Speedway gas stations for $21 billionThe Japanese owner of 7-Eleven is buying the Speedway chain of gas stations in one of the biggest acquisitions in the world since the coronavirus pandemic hit this year.
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