Seven & i's $21 bln deal for Speedway stations

Reuters Videos
4 年前

A 21 billion dollar purchase, set to be one of the biggest energy sector deals of the year.

The Japanese owner of 7-Eleven convenience stores has agreed to buy Marathon Petroleum's Speedway gas stations.

Seven & i is brushing aside coronavirus concerns and returning to the table five months after initially scrapping the deal.

It will help Seven & i Holdings shift focus beyond Japan, where its stores face a shrinking population and slow economic growth.

Shares in Seven & i fell 4.8% on Monday in Tokyo.

Investors were worried about a price just $1 billion lower than what the company reportedly turned down in March.

At that time, analysts and investors said the price was too high given concerns about a pandemic-induced slowdown.

Seven & i said expanding in the U.S. was still beneficial given a growing population and potential for convenience stores

The 7-Eleven brand started in the U.S

But the Japanese affiliate became far more successful as its 24-hour opening policy and franchise system proved a perfect match with a dense population and late-night work culture.