7-Eleven Parent Divesting Up to 300 Locations as Part of Speedway Acquisition
ENON, Ohio — As the sale of Speedway LLC moves to a first quarter 2021 closing, the convenience store chain's new owners could be preparing to sell off some locations.
On Aug. 2, Marathon Petroleum Corp. (MPC) announced it inked a deal to sell the 3,900-store Speedway chain to Irving, Texas-based 7-Eleven Inc.'s parent company, Seven & i Holdings Co. Ltd. The $21-billion transaction comes with a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Enon-based Speedway business, as Convenience Store News previously reported.
According to Reuters, Japan-based Seven & i Holdings plans to sell as many as 300 Speedway locations once the deal is complete. The company is working with investment bank Nomura Holdings Inc. to solicit buyers, the sources told the news outlet.
TDR Capital, the private equity firm that owns U.K.-based EG Group, plans to make an offer for the gas stations, according to people familiar with the matter.
TDR Capital was reportedly one of the suitors for the Speedway chain during on-again, off-again talks that began earlier this year. Any potential sale was put on hold as the COVID-19 pandemic spread across the globe in late winter.
Acquisition talks hit high gear again this summer, resulting in Seven & i Holdings winning the bid.
During MPC's third-quarter earnings call on Nov. 2, President and CEO Michael Hennigan said Speedway and 7-Elven "are very focused on completing the activities required to successfully close the transaction. Additionally, our interactions with the FTC [Federal Trade Commission] have been constructive."