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7-Eleven to Acquire Speedway C-Store Chain for $21B

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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