7-Eleven Owner to Buy Marathon Gas Stations for $21 Billion
- Purchase of Speedway gas stations is Seven & i’s largest deal
- Marathon joins other energy companies in exiting retail
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Seven & i Holdings Co., the world’s largest convenience-store franchiser, agreed to buy Marathon Petroleum Corp.’s Speedway gas stations for $21 billion, betting that an expanded U.S. footprint will deliver growth amid the uncertainty of the pandemic.
The transaction, to be paid in cash and partly financed using debt, will add about 3,900 stores to 9,800 locations operated by the retailer’s U.S.-based 7-Eleven unit, the Tokyo-based company said in a statement Monday.