Mergers & Acquisitions

7-Eleven Completes Acquisition of 3,800 Speedway Stores

Largest acquisition in c-store history accelerates No. 1 retailer’s growth trajectory, expands company-op footprint
speedway convenience store
Photograph courtesy of Marathon Petroleum

IRVING, Texas, and FINDLAY, Ohio — 7-Eleven Inc. has completed its $21 billion acquisition of the Speedway convenience-store chain from Marathon Petroleum Corp. Speedway's portfolio includes approximately 3,800 stores located in 36 states.

The deal is the biggest in the history of the convenience-store sector.

“Speedway is a great brand and a strong strategic fit for our business that significantly diversifies our presence throughout the North American market, particularly in the Midwest and on the East Coast,” said Joe DePinto, president and CEO of 7-Eleven. “We are very excited to welcome Speedway into the 7-Eleven family. Together, we have the opportunity to redefine and enhance the customer convenience experience nationwide. This is a groundbreaking moment in our company's proud history.”

This acquisition accelerates 7-Eleven's growth trajectory while also strengthening the company's financial profile. The addition of Speedway brings 7-Eleven's total North American portfolio to approximately 14,000 stores and diversifies 7-Eleven's presence to 47 of the 50 most populated metropolitan areas in the United States, as well as expands its company-operated store footprint. 7-Eleven will also work to maximize efficiencies and optimize relationships with vendors and business partners, DePinto said.

“The close of the Speedway transaction marks a significant milestone in our ongoing commitment to strengthen the competitive position of our portfolio,” said Executive Vice President and CFO Maryann Mannen.

Convenience-store wholesaler and retailer CrossAmerica Partners LP, Allentown, Pa., in April entered into an agreement to acquire 106 c-store properties from 7-Eleven for $263 million, company-operated sites that 7-Eleven is selling as part of the divestiture process in connection with the Speedway deal.

Findlay, Ohio-based Marathon Petroleum is an integrated, downstream energy company that operates the nation's largest refining system. Its marketing system includes Marathon brand retail outlets nationwide. Marathon Petroleum also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.

Based in Irving, Texas, 7–Eleven operates, franchises or licenses nearly 77,000 stores in 16 countries and regions, including more than 9,500 in the United States.

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