INDUSTRY ROUNDUP
Speedway Officially Changes Hands Marathon Petroleum Corp. and 7-Eleven Inc. complete their $21-billion transaction MARATHON PETROLEUM CORP. (MPC)
completed its sale of Enon, Ohio-based Speedway LLC to 7-Eleven Inc. on May 14. The two companies agreed to the $21billion deal in August 2020. With the closing, Irving, Texas-based 7-Eleven took ownership of approximately 3,800 stores in 36 states, bringing its total North American portfolio to approximately 14,000 stores. “We are very excited to welcome Speedway into the 7-Eleven family. 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 7-Eleven President and CEO Joe DePinto. “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.”
fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. MPC expects incremental opportunities over time to supply 7-Eleven’s remaining business as existing arrangements mature and as 7-Eleven adds new locations in connection with its announced U.S. and Canada growth strategy. In a statement hours after the closing, two commissioners with the Federal Trade Commission (FTC) said MPC and 7-Eleven’s parent company, Seven & i Holdings Corp., went forward before the commission came to an agreement with the companies. “Seven & i and Marathon’s decision to close under these circumstances is highly unusual, and we are extremely troubled by it,” the statement said. “The parties have closed their transaction at their own risk. The commission will continue to investigate to determine an appropriate path forward to address the anticompetitive harm, and will also continue to work with state attorneys general.”
According to 7-Eleven, this acquisition accelerates its growth trajectory, while also strengthening the company’s financial profile. The addition of Speedway diversifies the convenience retailer’s presence, bringing the brand to 47 of the 50 most populated metro areas in the U.S., as well as expands its company-operated store footprint.
In response, MPC and 7-Eleven issued their own statements saying that they went ahead with the deal’s completion after several waiting periods expired.
In addition to the Speedway c-store network, the transaction included a 15-year
7-Eleven agreed to divest 293 fuel outlets to resolve competitive concerns.
14 Convenience Store News C S N E W S . c o m
“To be clear, 7-Eleven was legally allowed to close on the Speedway transaction today and statements or implications to the contrary are false,” the convenience retailer said.
