Japanese Shopping Giant Seven & i Holdings To Acquire American Speedway For $21 Billion
Seven & i Holdings, Japan's largest trading Corporation, will acquire Speedway, an American company that owns a chain of stores and gas stations in the United States, for $21 billion, according to the Japanese holding company.
"This is a historic merger and a very important step towards turning our company into a real global retailer focused on walking distance stores," said Ryuichi Isaka, President of The company.
Seven & i Holdings is the owner of the world's largest American chain of 7-Eleven stores. In 2017, Seven & i Holdings announced the acquisition of more than a thousand stores and gas stations from the American chain Sunoco for $3.3 billion.
Seven & i Holdings Co., Ltd. (“the Company”) hereby announces that its Board of Directors resolved to approve the execution of an agreement by and between the Company’s consolidated subsidiary, 7- Eleven, Inc. (location of head office: Texas, U.S.A., President and CEO: Joseph M. DePinto) and U.S. company Marathon Petroleum Corporation (“MPC”), to acquire the shares and other interests of the companies operating the convenience store and fuel retail businesses of MPC mainly under the Speedway brand (excluding certain fuel retail operations with direct dealers and other certain businesses) (the “Transaction”) and that 7-Eleven, Inc. executed the agreement relating to the Transaction as of today, details of which are as follows.