Acquisition

7-Eleven's parent company buys Speedway gas stations in $21 billion all-cash deal

Speedway gas stations will be added to the Seven & i Holdings company portfolio.

Photo courtesy of 7-Eleven

Does this mean slurpies in more places? The owner of 7-Eleven, Seven & i Holdings, has purchased the Speedway chain of gas stations from Marathon Petroleum for $21 billion. The sale is one of the biggest deals that has gone down since the COVID-19 pandemic rocked the economic fortunes of businesses worldwide.

The all-cash deal joins the two convenience store brands with other Seven & i Holdings properties, primarily based in the grocery sector. The company is the largest convenience store chain in Japan, owning 21,000 stores in the Asian country. They also own 9,800 stores in the U.S. and Canada.

Speedway gas station The acquisition adds 4,000 Speedway stores fo the company’s portfolio.Photo courtesy of Speedway

By picking up the Speedway chain of stores, Seven & i Holdings expands their footprint to include an additional 4,000 stores, giving the company a presence in 47 of the top 50 most populated areas in the U.S., the company said in a press release announcing the deal.

7-Eleven President and CEO Joe DePinto explained that the deal will allow the company to diversify its holdings in key regions of the country, "particularly in the Midwest and East Coast."

In Japan, convenience stores are located apart from gas stations. This is also true of many communities in the Eastern U.S. However, in the Midwest and beyond, convenience stores are most often associated with a gas station.

As part of the deal, Marathon will provide 7.7 billion gallons of petroleum a year for 15 years to Seven & i Holdings. Marathon has been struggling in the wake of low gas prices, announcing last week that it will not restart production at refineries in New Mexico and California that had been idled since April.

The two companies had been negotiating the sale for months, struggling to come to an agreement over the price.

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The F-Type P450 cars replace the P300 and P380 as part of the Jaguar lineup.

Photo courtesy of Jaguar

Two new versions of the Jaguar F-Type are on the horizon. New versions of the model have been created to further the car's luxury proposition and both are powered by a roaring V8 engine. The new P450 variants replace the P300 and P380 models currently in the lineup. Jaguar is keeping the F-Type R around.

2022 Jaguar F-Type P450

The 2022 Jaguar F-Type P450 will be available as a coupe or convertible in P450 RWD or P450 R-DYNAMIC AWD grades. All varieties come with a 444-horsepower supercharged V8 under the hood that achieves 428 pound-feet of torque. An electronic active differential is standard. In all configurations, the car gets from zero to 60 mph in 4.4 seconds and has a top speed of 177 mph.

2022 Jaguar F-Type P450 The car has received minor exterior updates from the 2021 model.Photo courtesy of Jaguar

In a nod to its suburban buyers, the F-Type has a Quiet Star mode that allows a more subtle roar out the back side of the car upon startup. Drivers who don't care about keeping quiet can switch the car in to Dynamic mode and let the rumble out.

Each F-Type P450 rides on 20-inch wheels, has larger brakes than traditional F-Type models, and has the switchable exhaust. Double J-Blade daytime running lights feature up front while new slender rear lights allow the body of the car to speak for itself.

Buyers who get the F-Type P450 R-Dynamic AWD get bespoke badging; a gloss black front splitter, side sills, valance, and venturi; auto-dimming, power- folding, heated door mirrors with memory; and 20-inch Style 6003, split-spoke, gloss Dark Grey with Contrast Diamond Turned Finish Wheels.

2022 Jaguar F-Type P450 The interior sports a refined appearance.Photo courtesy of Jaguar

Monogram stitch patterns on the car's seats and interior accents in Windsor Leather and satin-finish Noble Chrome enhance the interior. Additionally, there are "Jaguar Est.1935" markings on the center console finisher, glovebox release button surround, and seatbelt guides. Six-way electric power seats are standard on F-Type P450 RWD, while F-Type P450 R-Dynamic AWD adds 12-way electric memory front seats, electrically adjustable steering column with memory, Delta Aluminum Center Console, and R-Dynamic branded metal treadplates as standard equipment.

A 12.3-inch driver information display is standard.

F-Type P450 is available in 11 standard exterior colors, and can be ordered in over a dozen custom SVO paint finishes. It starts at $69,900 for the P450 RWD Coupe and $79,900 for the R450 R-Dynamic AWD Coupe.

2022 Jaguar F-Type R

The F-Type R is the pinnacle of the Jaguar lineup with torque on-demand all-wheel drive, Jaguar Intelligent Driveline Dynamics control technology, a double wishbone front and rear suspension, and electric power-assisted steering.

It can get from zero to 60 mph in 3.5 seconds and has an electronically limited top speed of 186 mph thanks to its 575-horsepower supercharged V8 engine. All-wheel drive is standard.

This model starts at $103,200.

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The 2022 Toyota Prius Nightshade is a fresh edition for the company's lineup.

Photo courtesy of Toyota Motor Sales U.S.A. Inc.

One of Toyota's most efficient cars is getting the blackout treatment. Like other Nightshade editions Toyota puts out, the 2022 Prius Nightshade has all the requisite black accents while maintaining its heralded powertrain.

The 2022 Toyota Prius Nightshade is available in front- and all-wheel drive. Buyers can add the treatment to Prius L Eco, LE, LE AWD-e, XLE, XLE AWD-e and Limited grades. It comes in the buyer's choice of Midnight Black Metallic, Super White, or Silver Metallic paint job. Front-wheel drive models ride on standard 17-inch five-spoke alloy wheels while AWD-e cars get 15-inchers with black insert and lug nuts.

The exterior of the car also gets black headlight accents, mirror caps, door handles, color keyed rear deck spoiler and shark fin antenna.

2022 Toyota Prius Nightshade

Photo courtesy of Toyota Motor Sales U.S.A. Inc.

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Each of the models is powered by the Prius's 1.8-liter four-cylinder gasoline engine, which is paired with two electric motors. A continuously variable transmission is standard. All-wheel drive models get an EPA-estimated 51 mpg in the city, 47 mpg on the highway, and 49 mpg combined. Front-wheel drive versions do a slightly better 54 mpg in the city, 50 mpg on the highway, and 52 mpg combined.

Inside there are standard SofTex-trimmed trimmed, heated, power adjustable front seats and a SofTex-trimmed heated steering wheel and semi-gloss black center console. A 7-inch infotainment touch screen is standard, as is a six-speaker JBL sound system. Apple CarPlay, Android Auto, and Amazon Alexa come on every model, as are an auxiliary jack, three USB ports, a wireless phone charger, and one 12-volt outlet.

Toyota Safety Sense 2.0 is standard and includes a pre-collision system with low-light pedestrian detection, adaptive cruise control, bicyclist detection, lane departure alert, automatic high beams, and road sign assist.

All Prius models come with a three-year/36,000-mile basic warranty and 60-month/60,000-mile powertrain warranty. Toyota's hybrid battery warranty is for 10 years or 150,000 miles from the vehicle's in-service date, whichever occurs first. The hybrid system warranty is for eight years or 100,000 miles from the vehicle's in-service date.

This latest member of the Nightshade family means that there are 11 Nightshade editions in Toyota's stable. The Prius is the first hybrid to get the treatment.

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