7-Eleven, Inc. ("7-Eleven"), the largest chain in the convenience-retailing industry, announced today the successful completion of its acquisition of Speedway, a leading convenience store chain, from Marathon Petroleum Corp. (NYSE: MPC). Speedway's high-quality portfolio includes approximately 3,800 stores located in 36 states across the U.S.
"We are very excited to welcome Speedway into the 7-Eleven family," said Joe DePinto, President and Chief Executive Officer of 7-Eleven. "Speedway is a great brand and a strong strategic fit for our business that significantly diversifies our presence throughout the North American market, particularly in the Midwest and on the East Coast. Together, we have the opportunity to redefine and enhance the customer convenience experience nationwide. This is a groundbreaking moment in our company's proud history."
This acquisition accelerates 7-Eleven's growth trajectory while also strengthening the company's financial profile for continued success. The addition of Speedway brings 7-Eleven's total North American portfolio to approximately 14,000 stores and diversifies 7-Eleven's presence to 47 of the 50 most populated metro areas in the U.S., as well as expands our company-operated store footprint.
The acquisition combines the best of 7-Eleven's premier convenience brand with Speedway's convenience and fuel brands that will create innovative and world-class experiences for our customers. 7-Eleven will also work to maximize efficiencies and optimize relationships with vendors and business partners to ensure a continued legacy of innovation and success.