The parent company of convenience store chain 7-Eleven is revving up its business by buying Speedway from Marathon Petroleum for $21 billion.
The company is adding an estimated 3,900 stores to its portfolio of 9,800-plus locations in the United States and Canada, giving the business what it describes as “a presence in 47 of the top 50 most populated metro areas in the U.S.”
The cash transaction, subject to customary regulatory approvals and closing conditions, is expected to close by the first quarter of 2021, according to both companies.
“This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast,” 7-Eleven president and CEO Joe DePinto said in a written statement.
In 2018, 7‑Eleven acquired approximately 1,030 Sunoco convenience stores in 17 states.
7-Eleven is owned by Japan-based Seven & i Holdings.
Deals like this don’t thrill everyone. In April, Senator Elizabeth Warren of Massachusetts and Representative Alexandria Ocasio-Cortez of New York, both Democrats, introduced the Pandemic Anti-Monopoly Act, which would impose a moratorium on what they call “risky” mergers and acquisitions and “stop large corporations from exploiting the pandemic.”
Yesterday, Microsoft said it wants to continue discussions about buying TikTok in the United States, Uber announced last month that it was acquiring Postmates, and Amazon snatched up the self-driving car company Zoox. Other companies that have expressed interest in deals include Honeywell and Nestlé.