08.03.20 - The Japanese parent of 7-Eleven is buying the Speedway chain of gas stations from Marathon Petroleum for $21 billion (DAMN, How many slushies do they sell!?).
The two firms announced the cash deal (Woah...) in a statement late Sunday. It's one of the biggest acquisitions in the world to be announced since the COVID-19 hit earlier this year. Japanese retail conglomerate Seven & i Holdings which owns 7-Eleven and other supermarket chains, such as Ito-Yokado and the Sogo and Seibu department stores — says it is the largest in the company's history.
Seven & i is the largest convenience store chain operator in Japan, with 21,000 stores there. It also owns nearly 9,800 stores in the United States and Canada. The company has been looking to expand overseas as its home market grows increasingly competitive and over-saturated. By acquiring Speedway, the Japanese retailer would pick up 4,000 stores and give its operations in North America a booster shot.
With this deal, 7-Eleven would now have a presence in 47 of the top 50 most populated metro areas in the United States, the company noted in a press release.
Source: Wall Street Journal