IRVING, Texas – 7-Eleven Inc., the largest chain in the convenience-retailing industry, announced it has entered into an agreement to acquire Speedway, a leading convenience store chain, from Marathon Petroleum Corp, which is headquartered in Findlay, Ohio.
As part of the agreement, 7-Eleven will acquire approximately 3,900 Speedway stores, located in 35 states, for $21 billion in cash.
“This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast,” said Joe DePinto, president and chief executive officer of 7-Eleven. “By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before.”
Speedway and 7-Eleven have complementary geographic footprints with little overlap. 7-Eleven has more than 9,800 stores in the United States and Canada and with Speedway’s portfolio of approximately 3,900 stores, this acquisition will bring 7-Eleven’s total number of stores to approximately 14,000 in the U.S. and Canada.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to be completed in the first quarter of 2021.
There are three Speedway stores in Sidney and one in Anna.