Chain Store Age reported that the settlement, which stems from 7-Eleven’s $21 billion acquisition of Speedway LLC from Marathon Petroleum Corp., includes three transactions:
- Selling 63 Speedway stores in California, Arizona and Nevada to Jacksons Food Stores/Jackson Energy, which operates more than 264 stores in Idaho, Nevada, Oregon, Washington, Arizona and Utah under the Jacksons Food Stores and ExtraMile by Jacksons Convenience Store banners.
- Selling off another 106 Speedway and 7-Eleven stores to CrossAmerica Partners LP, based in Allentoen, Pennsylvania. The stores are located in the Mid-Atlantic and Northeast.
- Selling124 Speedway and 7-Eleven sites in the Midwest, Northeast, Florida and Utah will go to Anabi Oil, which operates more than 300 c-stores nationwide and is based in Upland, California.
7-Eleven’s acquisition of Speedway raised competitive concerns in hundreds of local retail gasoline and diesel fuel markets across the country. The deal encompassed 3,9000 Speedway retail gasoline and convenience store businesses from Marathon. The purchase was negotiated without an FTC agreement, and the parties closed the transaction “at their own risk,” FTC Acting Chairwoman Rebecca Kelly Slaughter and Commissioner Rohit Chopra.
See the full story at Chain Store Age.