Marathon sells Speedway to 7-Eleven owner for $21 billion in big gas station shakeup

Marathon sells Speedway to 7-Eleven owner for $21 billion in big gas station shakeup

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Marathon, under pressure from activist investor Elliott Management, said last year it would launch sweeping restructuring, including spinning off Speedway, which it said was worth as much as $ 18 billion, including debt. After-tax proceeds from the sale, which has been approved by the boards of both companies, are estimated at $ 16.5 billion, Marathon said, adding it will use the proceeds to pay existing debt. For Seven & i, owner of the 7-Eleven convenience store chain, the deal helps it shift

Continue reading Marathon sells Speedway to 7-Eleven owner for $ 21 billion in big gas station shakeup

Marathon sells Speedway to 7-Eleven owner for $ 21 billion in big gas station shakeup originally appeared on Autoblog on Tue, 4 Aug 2020 09:53:00 EDT. Please see our terms for use of feeds.

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