7‑Eleven, Inc. (7‑Eleven), the largest chain in North America convenience-retailing industry, has entered into an agreement to acquire Speedway, a convenience store chain, from Marathon Petroleum Corp.
As part of the agreement, 7‑Eleven will acquire approximately 3,900 Speedway stores located in 35 states, for $21 billion in cash, said the company in a press release.
“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.”
7‑Eleven currently has over 9,800 stores in the United States and Canada and with Speedway’s high-quality 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.
Nomura Securities International, Inc. and Credit Suisse are acting as 7‑Eleven’s financial advisors. Both Nomura and Credit Suisse provided 7‑Eleven’s Board of Directors with a fairness opinion.
Affiliates of Credit Suisse and Sumitomo Mitsui Banking Corporation (SMBC) provided committed financing for the acquisition. SMBC and SMBC Nikko also provided financial advisory services to Seven & i Holdings Co., Ltd. in regards to the financing consideration.
Akin Gump Strauss Hauer & Feld LLP and Nishimura & Asahi are providing legal counsel.