7-Eleven to buy Speedway chain in $21B deal
[KSTP-TV]
Convenience store chain 7-Eleven has entered into an agreement to buy the Speedway chain in a deal valued at $21 billion, the company announced Sunday.
According to a news release from 7-Eleven, it’s the largest acquisition in the company’s history, adding approximately 3,900 locations in 35 states to its existing 9,800 stores in the United States 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," Joe DePinto, president and chief executive officer of 7-Eleven, said in a statement.
The transaction is expected to be completed in the first quarter of 2021, according to 7-Eleven.
In 2018, gas station and convenience store chain SuperAmerica became part of Speedway.