7-Eleven’s massive deal to buy Speedway makes strategic sense. But WSJheard explains why it still looks pricey. WSJWhatsNow
The convenience-store operator has agreed to pay $21 billion to buy gas-station chain Speedway from Marathon Petroleum.
Activist investor Elliott Management has been pushing Marathon for a split. The deal will add about 3,900 stores to 7-Eleven’s existing 9,800 in the U.S. and Canada as its Japanese owner tries to diversify away from its slowing home market.
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