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Marathon Petroleum sells its gas stations to the owner of 7-Eleven in a $ 21 billion deal

Fuel producer Marathon Petroleum Corp. said it has agreed to sell its gas stations to the owners of the supermarket chain 7-Eleven for $ 21 billion in the largest U.S. energy deal of the year.

The all-cash agreement with 7-Eleven Inc. less than a year after Marathon agreed to pressure its convenience store chain, known as Speedway, from activist investors, including Elliott Management Corp.

Findlay, Ohio-based Marathon MRO,
-0.36%
was close to a deal with Seven & I Holdings Co. 3382,
-2.84%
, the Japanese parent of 7-Eleven Inc., earlier this year, but talks broke up in March when the coronavirus pandemic broke out. Other suitors included Canadian-based supermarket chain Alimentation Couche-Tard Inc.

“Our announcement crystallizes the significant value of the Speedway business, creates value realization assurance and delivers on our commitment to unlock the value of our assets,” said Michael Hennigan, CEO of Marathon.

The deal includes approximately 3,900 convenience stores and would bring 7-Eleven’s footprint in approximately 14,000 locations in the US and Canada.

An extended version of this report is available on WSJ.com.

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