7-Eleven acquires approximately 3,900 Speedway stores located in 35 states. Credit: Daniel Case.

Convenience retailer 7-Eleven has agreed to acquire Marathon Petroleum-owned convenient store chain Speedway for $21bn in cash.

As part of this agreement, 7-Eleven will acquire approximately 3,900 Speedway stores located in 35 US states.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

With this acquisition, 7-Eleven’s total number of stores will increase from over 9,800 to around 14,000 shops in the US and Canada.

The company expects to gain $475m to $575m of run-rate synergies through the third year following this deal.

The deal, financed by affiliates of Credit Suisse and Sumitomo Mitsui Banking Corporation (SMBC), is subject to customary regulatory approvals and closing conditions, expected for conclusion in the Q1 2021.

7-Eleven president and chief executive officer Joe DePinto 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 US, particularly in the Midwest and East Coast.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before.”

7-Eleven plans to set up an integration steering committee formed by representatives from both 7–Eleven and Speedway.

Approximately 40,000 members from Speedway will be integrated into the 7-Eleven family.

Nomura Securities International and Credit Suisse are serving as the financial advisors for 7-Eleven.

In April, 7-Eleven established a partnership with delivery platforms Postmates and DoorDash to expand its on-demand delivery capability.