Marathon Petroleum sells Speedway gas stations in the United States to 7-Eleven owner for $21 billion
) for $21 billion, the companies said, five months after the deal was put on hold amid the coronavirus outbreak.
Marathon, under pressure from activist investor Elliott Management, said last year it would launch sweeping restructuring, including spinning off Speedway, which it said was worth as much as $18 billion, including debt. For Seven & i, owner of the 7-Eleven convenience store chain, the deal helps it shift its focus beyond a saturated Japan market, multiplying its portfolio of U.S. gas stations and corner stores acquired through a $3.3 billion deal with Sunoco in 2017.
The deal, which is expected to close in the first quarter of 2021, includes a 15-year fuel supply agreement for about 7.7 billion gallons per year associated with the Speedway business, said Marathon, the largest U.S. refiner by volume.
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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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