Sunday, Aug 2, 2020
IRVING, Texas, Aug. 2, 2020 /PRNewswire/ -- 7‑Eleven, Inc. ("7‑Eleven"), the premier name and largest chain in the convenience-retailing industry, is pleased to announce it has entered into an agreement to acquire Speedway, a leading convenience store chain, from Marathon Petroleum Corp. (NYSE: MPC). 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."
Strategic and Financial Rationale
Closing and Advisors
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.
About 7‑Eleven, Inc.
7‑Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7‑Eleven operates, franchises and/or licenses more than 71,100 stores in 17 countries, including 11,800 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7‑Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. 7‑Eleven offers customers industry-leading private brand products under the 7-Select™ brand including healthy options, decadent treats, and everyday favorites, at an outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® loyalty program with more than 35 million members, place an order in the 7NOW® delivery app in over 1,300 cities, or rely on 7‑Eleven for bill payment service, self-service lockers and other convenient services. Find out more online at www.7‑Eleven.com, via the 7Rewards customer loyalty platform on the 7‑Eleven mobile app, or on social media at Facebook, Twitter and Instagram.