The Japanese company that owns Seven-Eleven stores signed a deal to buy speedway petrol stations from Marathon Petroleum Company for 21 billion dollars, after five months of withdrawing from previous talks amid Corona Virus Outbreak.
According to Reuters, the deal will help Seven and Eye Holding Company focus outside of Japan, whose stores are experiencing hardship, shrinking economic growth, sluggish economic growth and rivaling competition.
This will increase the number of the company’s Seven-Eleven stores in the United States and Canada to about 14,000, after a big increase three years ago after buying SNOCO for $ 3.3 billion.
"The company concluded that expansion in the United States was still beneficial, regardless of whether consumer spending was affected by the pandemic," said Ryuji Issaka, president of Seven & I.
He told a conference call after the deal was announced that the Coronavirus would not last forever. He declined to elaborate on why the company had returned to the negotiating table, but he said management saw these assets would be a source of growth within five years.
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