FINDLAY, Ohio — Findlay-based Marathon Petroleum Corp. says they have entered into an agreement with 7-Eleven whereby 7-Eleven would purchase Marathon-owned convenience store and gas station chain Speedway.
Marathon Petroleum says the all-cash transaction will total $21 billion.
Marathon says the company should net $16.5 billion in after tax proceeds.
The transaction also includes a 15-year fuel supply agreement between the companies.
Pending regulatory approvals, the transaction is expected to close in the first quarter of 2021.
According to a press release, the transaction was unanimously approved by the boards of directors of both companies.
Marathon is headquartered on Main St. in Findlay.
In addition to running retail outlets the company operates the nation’s largest refinery system.