FINDLAY, Ohio — Marathon Petroleum Corp. announced Sunday that it has entered into a definitive agreement to sell its Speedway convenience stores to 7-Eleven, Inc.
The $21 billion all-cash transaction is expected to close in the first quarter of 2021.
Marathon says it expects to receive $16.5 billion in after-tax cash proceeds from the sale.
Additionally, Marathon will enter into long-term fuel supply agreements for approximately 7.7 billion gallons per year with 7-Eleven.
Marathon Petroleum Corp. is a downstream energy company headquartered in Findlay. The company operates the nation’s largest refining system.
Speedway LLC, a Marathon subsidiary, owns and operates retail convenience stores throughout the United States.
The transaction is subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.