7-Eleven to Divest Up to 300 Speedway Stores
The c-store chain expects to net proceeds of $1 billion.
Nov 05, 2020
TOKYO—Japan’s Seven & i Holdings Co Ltd, parent of 7-Eleven, plans to sell as many as 300 of the 3,900 Speedway gas stations it acquired four months ago from Marathon Petroleum Corp for $21 billion, Reuters reports.
As NACS Daily reported at the time of the purchase, the deal gave 7-Eleven a foothold in 47 of the top 50 most populated metro areas in the U.S.
Seven & i is working with investment bank Nomura Holdings Inc. to solicit buyers. Seven & i said it expects net proceeds of $1 billion.
TDR Capital, the private equity firm that lost out to Seven & i in the race for Speedway, reportedly plans to make an offer for the locations, but neither 7-Eleven nor TDR Capital responded to requests for comment from Reuters. Seven & i wants to shift focus beyond Japan where its stores and supermarkets face a shrinking population, slow economic growth and tough price competition.
Asia
