ENON, Ohio — Petroleum refinery operator Marathon Petroleum Corp. (NYSE:MPC) has agreed to sell Speedway, its Enon, Ohio-based retailing arm, to the corporate owner of international convenience store chain 7-Eleven for $21 billion.
Seven & i Holdings Co., the Tokyo-based parent of 7-Eleven Inc., will add more than 3,900 Speedway stores in 35 states to its U.S. footprint as part of the all-cash transaction, the company said in a statement Sunday.
Marathon said the agreement should generate about $16.5 million in after-tax cash proceeds that will be used to reduce the company's debt and return capital to shareholders. The arrangement also includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business.
The deal, approved unanimously by the boards of directors of both companies, is expected to close in the first quarter of 2021.
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