Speedway LLC Sale Pushed to Second Quarter

Speedway LLC’s official changing of hands will be delayed, and the industry watchers will have to wait a little longer. In August, Marathon Petroleum Corp. (MPC) reached an agreement to sell an Enon-based convenience store chain to 7-Eleven Inc. at a price of $21 billion. The agreement stated, Irving, Texas-based 7-Eleven, will acquire approximately 3,900 Speedway stores located in 35 states.

The Convenience Store News previously reported the deal was to close in the first quarter of 2021, and MPC was still targeting the same timeline in early February. The filing with the U.S. Securities and Exchange Commission states that the company is pushing the timeline to the beginning of the second quarter.

MPC said in a filing, “The company has previously referenced the first quarter of 2021 as the target for closing the transaction but now is targeting closing early in the second quarter of 2021, subject to customary closing conditions and the receipt of regulatory approvals. 7-Eleven and the company continue to engage productively with the Federal Trade Commission [FTC] in its review of the transaction.”

The International Brotherhood of Teamsters sent a letter to the FTC earlier this month. They asked the agency to pause the sale review, which includes a 15-year fuel supply agreement between MPC and 7-Eleven. President James Hoffa wrote that the gas prices have been on a steep rise to nearly $3 per gallon in many states. He asked that the FTC exercise its full authority to ensure that the Marathon/7-Eleven supply agreement of Speedway LLC does not affect the other competitors’ ability to buy fuel.