7-Eleven owner buying Speedway gas stations for $21 billion

National

TAMPA (CNN Newsource) – 7-Eleven’s parent company is buying the Speedway gas station chain from Marathon Petroleum.

Japanese retail giant Seven & i Holdings is paying 21 billion dollars for the chain.

The cash deal is one of the biggest acquisitions in the world announced since the coronavirus pandemic hit.

Seven & i Holdings says it’s the largest in the company’s history.

In addition to 21,000 convenience stores in Japan, Seven & i also has nearly 9,800 stores in the U.S. and Canada.

Shares of Seven & i dropped nearly 9 percent in Monday trading in Tokyo amid concern over the steep price tag of the deal

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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