Japanese retail company Seven & I Holdings, parent company of 7-Eleven, has entered into a purchase agreement to acquire Speedway for $21 billion in cash, the companies announced Sunday.
"This transaction marks a milestone on the strategic priorities we outlined earlier this year," said Marathon CEO Michael J. Hennigan in a press release. "Our announcement crystalizes the significant value of the Speedway business, creates certainty around value realization and delivers on our commitment to unlock the value of our assets.
The $21 billion deal comes after mounting pressure from investors, including Elliot Management Corporation, to help offset some of the financial trouble stemming from what it characterized as "chronic underperformance."that Marathon announced they would not be reopening two refineries in California and New Mexico that had been placed on a standstill in April. After tax, the Speedway deal is expected to bring in $16.
Acquiring Speedway means the 7-Eleven chain will add roughly 4,000 stores to their United States and Canada prescience, for a total of around 14,000 stores. While most convenience stores in the United States are located at gas stations, analysts have noted that 7-Eleven could benefit from the Japanese model of placing convenience stories in urban areas. This deal will create a 7-Eleven presence in 47 of the top 50 most populated metro areas,It's been turbulent year for oil sales across the globe, as the coronavrius pandemic lead to a steep decline in the demand for oil since March, leading to events such as U.S.
7-eleven got money 💰😃
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7-Eleven owner spends $21 billion to buy Speedway gas stationsSeven & i Holdings Co., the world’s largest convenience store operator, is betting $21 billion on the future of quick-stop shopping in the U.S. Because we definitely need LARGER CORPORATIONS 👎 Pay attention to the stock market. A car will drink such gasoline with the same pleasure as I drink the Texas Dr Pepper for domestic consumption in the United States. There’s sometimes water in the gasoline here. And soda also sometimes contains water instead of soda.
Source: latimes - 🏆 11. / 82 Read more »
7-Eleven Owner Agrees To Buy Gas Station Chain Speedway For $21 BillionI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter SiladityaRay or drop me an email at siladityaprotonmail.com. Gas stations won’t even exist in a few decades. It is a nice footprint indeed. People love speedway
Source: Forbes - 🏆 394. / 53 Read more »
7-Eleven owner is buying Marathon Petroleum's Speedway gas stations for $21 billionThe Japanese owner of 7-Eleven is buying the Speedway chain of gas stations in one of the biggest acquisitions in the world since the coronavirus pandemic hit this year. Next level shit My favorite words in the dictionary are the words 'Flamboyant' and 'Malicious'. This is probably bigger than China buying Hollywood to get control of the Democratic party.
Source: CNN - 🏆 4. / 95 Read more »
Marathon Petroleum to sell its gas stations to owner of 7-Eleven in $21 billion dealFuel maker Marathon Petroleum Corp. said it has agreed to sell its gas stations to the owners of the 7-Eleven convenience store chain for $21 billion in the... MPC calls at open
Source: MarketWatch - 🏆 3. / 97 Read more »
Marathon Petroleum sells Speedway to 7-Eleven owner for $21 billionMarathon Petroleum has agreed to sell its Speedway gas stations in the United States to Japanese retail group Seven & i Holdings for $21 billion, the companies said, five months after the deal was put on hold amid the coronavirus outbreak. Where TF are these gas prices in the pic tho? So speedways are gonna have slurpees now? WhT a big gulp
Source: Reuters - 🏆 2. / 97 Read more »
Marathon Petroleum to Sell Gas-Station Chain to 7-Eleven Owners for $21 BillionFuel maker Marathon Petroleum has agreed to sell its gas stations to the owners of the 7-Eleven convenience-store chain for $21 billion in the largest U.S. energy-related deal of the year. Free slurpee with every fill up. MPC calls at open the stonk is going to record highs wow so damn rich the seven eleven corporation that is in HK.
Source: WSJ - 🏆 98. / 63 Read more »