One of the biggest names in retail, 7-Eleven has announced its acquisition of Marathon Petroleum Corp-owned convenience store chain. The price of the acquisition is $21 billion in cash. The acquisition will see 7-Eleven acquire about 3,900 Speedway stores in 35 stores.
Joe DePinto, President and CEO of 7-Eleven said: “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.”
The acquisition will add new quality solutions to 7-Eleven’s portfolio and will help the company reach even more people. The move is expected to bring the total number of retail giant’s total number of stores to approximately 14,000 in the U.S. and Canada. Post the acquisition; the company will have a presence in 47 of the 50 most populated metropolitan areas in the U.S.
7-Eleven expects to make $475 million to $575 million of run-rate synergies, get $3 billion of tax benefits, and $5 billion of net sale-leaseback in proceeds after the acquisition deal.
The company also said in a statement: “Together, the combined company will set mutual and shared 2027 targets to reduce CO2 emissions, to utilize more eco-friendly packaging and sustainable food supplies, and to drive reduction in plastic usage. All of these measures will work together to enhance long-term corporate value.”