Marathon Petroleum sells Speedway to 7-Eleven for $21 billion
The Findlay-based company says the sale is an all-cash deal
TOLEDO, Ohio (WTVG) - Findlay-based Marathon Petroleum is selling off Speedway, the company announced Sunday night just hours before the quarterly earnings call. The company says it is selling Speedway to Seven & i Holdings Co., Ltd, a Japanese company that owns 7-Eleven.
The sale of the Speedway brand is an all cash deal totaling $21 billion. The deal is expected to close during the first quarter of 2021, subject to customary closing conditions and regulatory approvals.
In a news release, Marathon Petroleum’s President and CEO said the following:
“This transaction marks a milestone on the strategic priorities we outlined earlier this year. 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. At the same time, the establishment of a long-term strategic relationship with 7-Eleven creates opportunities to improve our commercial performance.”
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