Seven & i Holdings Co., the parent of convenience store giant 7-Eleven, announced a $21 Billion dollar deal to acquire Speedway, Marathon Petroleum's gas station and convenience store chain.
Marathon buckled under the pressure and announced its intent to sell-off Speedway in October of last year following pressure from the activist hedge fund Elliot Management. The deal represents a combination of two companies hard-hit by the Coronavirus pandemic.
The acquisition will add 4,000 locations to Seven & i Holdings Co.’s current list of 9,800 and is expected to generate cost synergies of $475 - $575 million.