The retailer has made the largest acquisition in its history and one of the largest to be announced since the pandemic began.
The convenience store giant has entered into an agreement to acquire Speedway, a leading convenience store chain, from Marathon Petroleum Corp. As part of the deal, 7-Eleven will acquire approximately 3,900 Speedway stores located in 35 states, for $21bn in cash.
With more than 9,800 stores in the US, 7-Eleven said its stores and Speedway’s locations have complementary geographic footprints with little overlap. Following the transaction, 7-Eleven will have a presence in 47 of the top 50 most populated metro areas in the US, and a total of about 14,000 stores in the US and Canada.
“This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the US, particularly in the Midwest and East Coast,” said Joe DePinto, President and CEO, 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.”
