7-Eleven parent company, Tokyo-based Seven & i Holdings Co Ltd., is planning to sell as many as 300 locations following its deal to acquire Marathon Petroleum Corp.’s (MPC) Speedway for $21 billion, according to Reuters.
Seven & i is working with investment bank Nomura Holdings Inc to solicit buyers, the sources told Reuters. Seven & i said in August it expected net proceeds of $1 billion, without disclosing how many stations it would sell.
In August, Seven & i agreed to purchase Speedway’s roughly 3,900 stores in 35 U.S. states. The deal will leave Seven & i with some overlap between 7-Eleven and Speedway stores, which it is reportedly seeking to address by divesting up to 300 locations.
During MPC’s third-quarter earnings call on Nov. 2, President and CEO Michael Hennigan said Speedway and 7-Eleven “are very focused on completing the activities required to successfully close the transaction.
Additionally, he said, the company’s interactions with the Federal Trade Commission (FTC) have been “constructive.”
Based in Irving, Texas, 7–Eleven operates, franchises or licenses more than 71,100 7-Eleven c-stores in 17 countries, including more than 9,300 in the U.S.