7-Eleven Owner Beats Out Rival With $21 Billion Bet on U.S.
- Purchase of Speedway gas stations is Seven & i’s largest deal
- Marathon joins other energy companies in exiting retail
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Seven & i Holdings Co., the world’s largest convenience store operator, is betting $21 billion on the future of quick-stop shopping in the U.S., reviving a once-abandoned deal to make sure the target didn’t fall into the hands of a competitor.
The global operator of the 7-Eleven franchise agreed to buy Marathon Petroleum Corp.’s gas-station business, adding 3,900 Speedway outlets to clinch a dominant position of almost 14,000 stores in the U.S. and Canada.