Seven & i to Acquire Speedway for 21 B. Dollars
Tokyo, Aug. 3 (Jiji Press)--Japanese retailer Seven & i Holdings Co. <3382> said Monday it will acquire U.S. convenience store chain Speedway for 21 billion dollars, in what appears to be the world's largest acquisition since the coronavirus pandemic began.
Speedway, a unit of U.S. refiner Marathon Petroleum Corp, is the third-largest convenience store chain in the United States with about 3,900 stores.
Seven & i's 7-Eleven Inc. unit, which is already the largest convenience store chain in the United States with some 9,000 stores, will acquire the Speedway stores.
The transaction is expected to be completed in the first quarter of 2021. It is the fourth-largest acquisition overseas by a Japanese company, according to Recof Corp., a Japanese merger and acquisition advisory firm.
Seven & i aims to double its operating profit in North America in three years after the acquisition.
[Copyright The Jiji Press, Ltd.]