Findlay, Ohio — Marathon Petroleum Corp. has entered into a definitive agreement with 7-Eleven Inc., whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. …
Speedway
Canton, Mass. — As previously announced in its Q4 2019 earnings call in February, Dunkin’ remains on track to close 450 locations inside Speedway convenience stores by the end of 2020. According to Michelle King, senior director, global public relations for Dunkin’ Brands, the closures are specific to Speedway-owned and operated limited menu Dunkin’ locations only. “As we stated during our 2019 fourth quarter and fiscal year earnings call in February, Dunkin’ reached an agreement with Speedway earlier this year to exit the approximately 450 Speedway owned and operated limited …