Fuel maker Marathon Petroleum Corp. said it has agreed to sell its gas stations to the owners of the 7-Eleven convenience store chain for $21 billion in the largest U.S. energy deal of the year.
The all-cash agreement with 7-Eleven Inc. comes less than a year after Marathon agreed to spin off its convenience-store chain, known as Speedway, under pressure from activist investors including Elliott Management Corp.
Findlay, Ohio-based Marathon MRO, -0.36% had been close to a deal with Seven & I Holdings Co. 3382, -2.84% , the Japanese parent of 7-Eleven Inc., earlier this year, but talks fell apart in March as the coronavirus pandemic took hold. Other suitors included Canada-based convenience-store chain Alimentation Couche-Tard Inc.
“Our announcement crystalizes the significant value of the Speedway business, creates certainty around value realization and delivers on our commitment to unlock the value of our assets,” Marathon Chief Executive Michael Hennigan said in a statement.
The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to around 14,000 locations.
An expanded version of this report appears on WSJ.com.
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