August 4, 2020
7-Eleven Inc., headquartered in Irving, TX, has agreed to acquire convenience store chain Speedway from Marathon Petroleum Corp. for $21 billion in cash. The acquisition will bring 7-Eleven’s total store count to approximately 14,000 across the U.S. and Canada.
“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,” said 7-Eleven CEO Joe DePinto.
The purchase price reflects a pro forma EBITDA multiple of 7.1x, Including $475 million to $575 million in run-rate synergies and $3 billion in tax benefits.
Speedway and 7-Eleven have complementary geographic footprints with little overlap. Following the transaction, 7-Eleven will have a presence in 47 of the top 50 most populated metro areas in the U.S.
Closing on the deal is expected to occur in the first quarter of 2021.
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