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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Nuts & Bolts

 
 

Acura is revealing its next-gen MDX slowly, first with this, the MDX Prototype.

Photo courtesy of Acura

The MDX is the best-selling Acura in the lineup. It's also America's best-selling luxury three-row SUV. But that's not good enough.

Acura is redesigning the MDX and as it prepares to enter a fourth generation, a prototype of the new SUV will be shown on October 14. This looks to follow the same pattern as the TLX launch, which saw a prototype revealed about six months before the true model debut, just after the PMC Edition was put on sale.

Acura says that the next-gen MDX will usher in " new levels of Acura design, performance, technology and craftsmanship, assuming the mantle as the brand's new flagship model". And that's a good thing. The brand revolution that started with the RDX and continued with the TLX looks to go even further in a bid to re-establish Acura on its premium model throne.

The ofirst MDX was the industry's first three-row SUV based on a unibody platform, a design that has since gone mainstream as crossovers and lifestyle SUVs overrun a vehicle type that started as rugged off-roaders and family trucksters. Since it's debut, the MDX has garnered praise from buyers and critics alike including winning the 2001 North American Truck of the Year and 2001 Motor Trend SUV of the Year awards.

Over the past two decades, cumulative sales have surpassed 1 million units, securing MDX's place as the best-selling Acura model, accounting for roughly one-third of the brand's U.S. sales since its launch.

"We're accelerating Acura's commitment to Precision Crafted Performance and this fourth-generation MDX is the most ambitious and consequential redesign of an Acura core model in our history," said Jon Ikeda, vice president and Acura brand officer. "This all-new MDX will take us into new territory in terms of performance, prestige and emotional appeal."

The teaser image (above) and video (below) that were released today highlight the sharply sculpted beltline running the perimeter of the wider, lower and longer MDX, connecting the Jewel Eye LED headlights at the front to the Chicane LED taillights in the rear.

The MDX Prototype pulls heavily from the RDX and TLX with design nods to each. Still, it's unmistakably a three-row SUV. Though we don't know for sure what's under the hood, expect the MDX to have more a dynamic driving style when it debuts, following in the vein of the RDX and TLX redesigns.

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Toyota Mall of Georgia, one of AutoNation's dealerships, has raised money to support the caregivers at Children's Healthcare of Atlanta.

Photo courtesy of AutoNation

You know the pink license plate brackets and the pink-leather jacket clad spokeswoman. All that pink is paying off. AutoNation announced that it has raised $25 million for cancer research and treatment through its Drive Pink (DRV PNK) Initiative. Drive Pink launched in 2015.

In 2020 alone, DRV PNK funds have been invested in seven major research projects through the Breast Cancer Research Foundation (BCRF), the largest private funder of breast cancer research in the world. BRCF focuses their efforts in six different areas: tumor biology, treatment, survivorship, metastasis, lifestyle and prevention, and heredity and ethnicity.

"AutoNation has played a valuable role in enabling BCRF to be at the vanguard of every major breakthrough in breast cancer prevention, diagnosis, treatment and survivorship," said Mrya Biblowit, BCRF President and CEO.

"Every October, we celebrate all that we have accomplished through DRV PNK" said Mike Jackson, AutoNation's Chairman and CEO. "This year, we've taken our mission to new levels, thanks to the incredible support of our Customers, our Associates and our partners."

As part of its DRV PNK efforts, AutoNation works to raise awareness of breast cancer. The company sponsored NTT Indycar Series drivers Jack Harvey, Alexander Rossi, and Marco Andretti who were behind the wheel of vehicles wearing pink liveries.

October is Breast Cancer Awareness Month and AutoNation will be stepping up its efforts throughout the month. Expect to see ad campaigns reflecting such. The company's annual DRV PNK Across America Day by selecting local cancer treatment facilities to receive care bags for patients battling cancer.

For longtime AutoNation Associate and breast cancer survivor, Lisa Logan, DRV PNK is personal. "Sadly, just about everyone has been touched by cancer. I am so proud to work for a company that not only supported me throughout my journey, but that also supports such an important cause."

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