7-Eleven wraps up $21bn acquisition of Speedway from Marathon Petroleum

Convenience stores company 7-Eleven has wrapped up its previously announced $21 billion acquisition of convenience store chain Speedway from Marathon Petroleum.

Speedway’s portfolio includes nearly 3,800 stores, which are located in 36 states across the US.

The deal was announced last August.

7-Eleven acquisition of Speedway. Photo courtesy of Marathon Petroleum Corporation.

Commenting on 7-Eleven acquisition of Speedway, Joe DePinto – President and CEO of 7-Eleven said: “We are very excited to welcome Speedway into the 7-Eleven family.

“Speedway is a great brand and a strong strategic fit for our business that significantly diversifies our presence throughout the North American market, particularly in the Midwest and on the East Coast. Together, we have the opportunity to redefine and enhance the customer convenience experience nationwide.

“This is a groundbreaking moment in our company’s proud history.”

According to 7-Eleven, the acquisition of Speedway fast tracks its growth trajectory while also bolstering its financial profile for continued success.

The addition of Speedway expands 7-Eleven’s North American portfolio to around 14,000 stores, while diversifying the former’s footprint to 47 of the 50 most populated metro areas in the US. Besides, it grows the company-operated store footprint, said 7-Eleven.