But now, Speedway itself is being gobbled up. Its owner, Marathon Petroleum, has agreed to sell the chain to the owner of 7-Eleven, creating a gas station giant. All 4,000 Speedway stations will soon become 7-Eleven gas stations.
Convenience store giant 7-Eleven has entered into an agreement with Enon, Ohio-based Marathon Petroleum Corp. to acquire the Speedway convenience store chain for $21 billion in cash. 7-Eleven will acquire approximately 3,900 Speedway stores and gas stations located in 35 states.
Another common inquiry is “Did 7-Eleven buy out Speedway?”.
IRVING, Texas, May 19, 2021 /PRNewswire/ — 7-Eleven, Inc. (“7-Eleven”) announced today that it has signed definitive agreements to sell 293 Speedway and 7-Eleven stores to three separate buyers. This follows the completion of 7-Eleven’s acquisition of Speedway from Marathon Petroleum Corp. (NYSE: MPC) on May 14, 2021.
7-Eleven: Decisions on Speedway will take until 2022. 7-Eleven: Will take to 2022 to ‘finalize’ future of Enon-based Speedway.
Some believe that 7-Eleven’s purchase of Speedway is still subject to regulatory approval. The two sides expect this to be a done deal in the first quarter of 2021. An analysis of the deal by Reuters indicates that the deal helps 7-Eleven’s parent company in Japan where the convenience store chain faces a falling population and slow economic growth.
A common query we ran across in our research was “When will Enon Speedway move to 7-Eleven?”.
It will take until 2022 to “finalize” how resources of Enon-based Speedway will be dealt with at 7-Eleven, a media representative told this newspaper. “We are still working hard to finalize details for the future of the organization and expect this process to last well into 2022.
Another popular question is “Should Seven&I build a standalone Speedway?”.
Elliott proposed a standalone Speedway as one of those companies. Most convenience stores in the United States are located at gas stations. But analysts have long argued that Seven & i could benefit by replicating the Japanese model of building stores in urban city centers. Even so, investors were unnerved by the steep price tag of the deal.
How many Speedway stores does 7/11 have?
7-Eleven, which is a subsidiary of Seven & i Holdings Co. Ltd, will acquire approximately 3,900 Speedway stores across 35 U., and states. More Slurpees for everyone! Why did 7-Eleven buy Speedway? According to a news release from 7-Eleven president and CEO Joe De. Pinto, the Speedway acquisition is the largest in 7-Eleven’s history.
How many Speedway stores are there?
7-Eleven has acquired Speedway’s 3,800 stores in 36 states . The $21-billion deal was first announced in August 2020 before customary regulatory approvals and closing conditions.
Michael Browne | Aug 03, 2020 Convenience store giant 7-Eleven has entered into an agreement with Enon, Ohio-based Marathon Petroleum Corp. to acquire the Speedway convenience store chain for $21 billion in cash. 7-Eleven will acquire approximately 3,900 Speedway stores and gas stations located in 35 states.
What does the 7-Eleven-Speedway acquisition mean for investors?
The benefits of the Speedway acquisition, according to 7-Eleven, include: Accelerates growth and diversification . The acquisition accelerates 7-Eleven’s growth trajectory and diversifies its U. Presence, the company said.
What does the 7-Eleven acquisition mean for 7‑Eleven’s growth?
This acquisition accelerates 7‑Eleven’s growth trajectory while also strengthening the company’s financial profile for continued success.