TOKYO (CNN) — 7-Eleven’s parent company is buying the Speedway gas station chain from Marathon Petroleum.
Japanese retail giant Seven & i Holdings is paying $21 billion for the chain.
The cash deal is one of the biggest acquisitions in the world announced since the coronavirus pandemic hit. Seven & i Holdings says it’s the largest in the company’s history.
In addition to 21,000 convenience stores in Japan, Seven & i also has nearly 9,800 stores in the U.S. and Canada.
Shares of Seven & i Holdings dropped nearly 9% in Monday trading in Tokyo amid concern over the steep price tag of the deal.
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