Get ready to enjoy more Slurpees.
Richland County’s seven Speedway locations are soon to become 7-Elevens after the sale of the Speedway chain by Marathon Petroleum Corporation.
Marathon recently announced that it and certain of its subsidiaries have entered into a definitive agreement with 7-Eleven, Inc., a wholly owned, indirect subsidiary of Seven & I Holdings Co., Ltd, whereby 7-Eleven will acquire Speedway for $21 billion in cash.
The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals.
“This transaction marks a milestone on the strategic priorities we outlined earlier this year,” said Michael J. Hennigan, president and chief executive officer. “Our announcement crystalizes the significant value of the Speedway business, creates certainty around value realization and delivers on our commitment to unlock the value of our assets. At the same time, the establishment of a long-term strategic relationship with 7-Eleven creates opportunities to improve our commercial performance.”
According to Wikipedia, 7-Eleven was founded in 1927 as an ice house storefront in Dallas, Texas. It operates, franchises, and licenses 71,000 stores in 17 countries.
The Slurpee, the chain’s trademark icy drink, was introduced in 1965.
Source: Marathon Petroleum Co.; Photo: Creative Commons License