7-Eleven Wins FTC OK for Consent Order in Speedway Deal

The deal closed in May and required the shedding of more than 290 stores.

June 29, 2021

Speedway Gas Station

ALEXANDRIA, Va.—Japan's Seven & I Holdings Co Ltd. last week announced that the consent order it filed related to 7-Eleven’s $21 billion acquisition of Speedway from Marathon Petroleum has won approval from the U.S. Federal Trade Commission (FTC).

As previously reported, 7-Eleven agreed to divest more than 290 stores as part of the acquisition, which includes about 3,800 stores in 36 states. The Irving, Texas-based convenience retailer entered into a settlement agreement with the FTC in April and closed its acquisition of Speedway on May 14.

Seven & I Holdings in a June 26 statement said that “7- Eleven Inc. has been working closely with the relevant governmental authorities for the Transaction, and the vote to approve the proposed consent order by the FTC confirms that all FTC antitrust concerns have been resolved. The Company plans to hold a meeting to present the Medium-Term Management Plan on July 1, 2021, which the Company previously announced it would postpone in the press release “Regarding Media Reports” on May 17, 2021.

Two FTC officials had previously raised antitrust concerns about the deal. In a June 25 statement, the FTC said the commission voted to accept the proposed consent order and place the consent agreement in the public record for 30 days for public comment. “After 30 days, the Commission will review the comments received and decide whether it should withdraw, modify, or make the Order final,” the FTC said.