ALLENTOWN, Pa.—CrossAmerica announced last week that it is acquiring 106 locations from 7-Eleven as part of the Irving, Texas, retailers divestitures toward wrapping up its Speedway acquisition, announced last August.
Cross America, a leading wholesale fuels distributor, convenience store operator and owner and lessor of real estate used in the retail distribution of motor fuels, said plans to rebrand the Speedway stores it will acquire from 7-Eleven. The deal hinges on 7-Eleven’s completion of its $21 billion deal with Marathon Petroleum to purchase about 3,900 Speedway stores.
“We are excited to acquire these high-quality assets that are complementary to our existing footprint and will allow us to benefit from increased scale in our retail operations,” CrossAmerica President and CEO Charles Nifong said in a news release. “The transaction provides excellent value to the partnership and represents continued execution of the strategic plan we set in action last year.”
The Speedway locations CrossAmerica is acquiring recorded merchandise sales of about $134 million for the fiscal year ended October 31, 2020 and about 160 million gallons of fuel.