Seven & i in Talks to Buy U.S. Convenience Store Chain Speedway
Tokyo, Feb. 20 (Jiji Press)--Japanese retailer Seven & i Holdings Co. <3382> is in talks to buy U.S. convenience store operator Speedway LLC for some 22 billion dollars, informed sources said Thursday.
Seven & i aims to expand convenience store operations in the United States as it faces challenges in Japan including high labor costs, industry sources said.
Speedway, a unit of U.S. refiner Marathon Petroleum Corp., runs some 4,000 convenience stores with gas stations in the United States. The talks with Seven & i come as Marathon Petroleum has been under shareholder pressure to spin off its retail operations.
Seven-Eleven Japan Co., a Seven & i unit, took full control of the operator of 7-Eleven stores in the United States in 2005. Seven & i acquired some 1,000 convenience stores in the United States from Sunoco LP for some 3.1 billion dollars in 2018.
Seven & i had about 9,000 convenience stores in the United States as of last November. The company is expected to log an operating profit of over 100 billion yen from its overseas convenience store operations in the business year ending this month.
[Copyright The Jiji Press, Ltd.]