Convenience retail giant 7-Eleven Inc. on Friday announced the successful completion of its acquisition of Speedway, the convenience store arm of Marathon Petroleum Corp.) with approximately 3,800 stores located in 36 states across the United States.
The acquisition brings 7‑Eleven’s total North American portfolio to approximately 14,000 stores and diversifies 7‑Eleven’s presence to 47 of the 50 most populated metro areas in the U.S., as well as expanding the company-operated store footprint.
“We are very excited to welcome Speedway into the 7‑Eleven family,” said Joe DePinto, president and CEO of Irving, Texas-based 7‑Eleven. “Speedway is a great brand and a strong strategic fit for our business that significantly diversifies our presence throughout the North American market, particularly in the Midwest and on the East Coast. Together, we have the opportunity to redefine and enhance the customer convenience experience nationwide. This is a groundbreaking moment in our company’s proud history.”
The $21-billion deal was first announced in August 2020 before customary regulatory approvals and closing conditions. At the time, the companies said, 7-Eleven and Speedway “will share best practices to deliver products and promotions based upon customer demand and continue both companies' legacy of innovation. In addition, the combined company will be well-positioned to maximize efficiencies and optimize relationships with vendors and business partners.”
7-Eleven also announced in August that it planned to form an integration steering committee with representatives from the leadership of both 7–Eleven and Speedway. “7-Eleven looks forward to welcoming the approximately 40,000 members of the Speedway team into the 7-Eleven family and integrating best practices of both companies,” the company said.
Convenience stores continue to take a share of the overall food retail industry, with both 7-Eleven and Speedway ranking high in the 2020 Supermarket News’ annual Top 75 Retailers report. 7-Eleven ranked 19th on the list with $17.76 billion in consumables sales, while Marathon Petroleum ranked 33rd with $6.31 billion in consumables sales from its Speedway, SuperAmerica, am/pm and Giant convenience stores.