7-Eleven and Speedway agree to terms of acquisition

| Aug 12, 2020 | Business Law |

7-Eleven Inc. has agreed to terms with Marathon Petroleum Corp. that would allow 7-Eleven to add Speedway LLC to its holdings. The deal effectively combines the largest and third-largest convenience store chains in the country. Texas is one of 35 states that is home to Speedway stores.

 

Joe DePinto is the president and chief executive officer of 7-Eleven. DePinto says the deal is the largest for the mergers and acquisition department in the history of the company. The deal with Speedway also facilitates continued growth for the company throughout the United States. Nearly 4,000 stores owned by Speedway are now the property of 7-Eleven. Before this deal, the largest acquisition for the company was the 1,030 stores it acquired from Sunoco LP in 2018.

 

The deal with Speedway allows 7-Eleven to increase the number of stores it owns in the United States and Canada from 9,800 to 14,000. The company is now the leader of its industry and maintains stores in 47 of the 50 most populous metropolitan areas in the United States.

 

7-Eleven says it plans to work with Speedway to combine the best operating practices for both companies for the benefit of customers. The merger will position the company to maximize operating efficiency while allowing 7-Eleven to optimize its working relationship with both business partners and vendors.

 

Before the transaction becomes complete, regulatory approval is needed. This approval as well as other closing conditions are expected to take place by early 2021.

 

One of the quickest routes for an established business to further extend its territory is through mergers and acquisitions. Careful planning is needed to complete this process for both the buyers and sellers when a business changes hands. Companies with questions regarding an acquisition or merger may find it helpful to speak with a skilled mergers and acquisitions attorney.