Tokyo-based Seven & i Holdings Co., which owns 7-Eleven, is in exclusive talks to acquire Marathon Petroleum Corp.’s Speedway stations for approximately $22 billion, anonymous sources told Bloomberg.
Seven & I Holdings is Japan’s largest c-store operator, with around 70,000 stores in 18 countries and regions.
The Speedway transaction could be announced as soon as next week, according to Bloomberg sources, but no final decision has been made. In a recent filing to the stock exchange, the company said it is considering various possibilities for its new growth strategy.
Marathon Petroleum is reportedly exploring a sale of Speedway after announcing plans to spin off the retailer in 2019. Speedway, with about 4,000 stores in the U.S., could be worth as much as $18 billion including debt as a standalone company, Marathon Petroleum previously stated.
According to Bloomberg, TDR Capital is also interested in merging Speedway with one of its portfolio companies, U.K.-based EG Group, in a transaction that could be worth an estimated $26 billion in cash and stock.
