FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business.
Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.