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Findlay-based Marathon Petroleum sells Speedway to 7-Eleven owner for $21 billion

TiffinOhio.net Staff

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File photo courtesy 127driver / WikiMedia Commons (CC BY-SA 3.0)

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.

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