Deals
7-Eleven Deal Shows Virus-Era Appeal of Gas-Station Beer, Snacks
- Japanese convenience-store giant buying Marathon’s Speedway
- Cigarette, alcohol sales have remained strong during lockdowns
A Marathon Petroleum Corp. Speedway gas station in Waddy, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
This year’s biggest energy deal is more about alcohol and cigarettes than gasoline.
7-Eleven owner Seven & i Holdings Co. is spending $21 billion to buy about 4,000 gas stations in the U.S. from Marathon Petroleum Corp., the latest in a long line of oil refiners exiting their retail networks. The transaction shows how, despite the global slump in energy demand due to Covid-19 lockdowns, the business of selling fuel is in comparatively rude health.