Akin Gump Advises 7-Eleven, Inc. in $21 Billion Acquisition of Speedway
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(Dallas) – 7-Eleven, Inc., the premier name and largest chain in the convenience-retailing industry, has entered into an agreement to acquire Speedway, a leading convenience store chain, from Marathon Petroleum Corp. As part of the agreement, 7-Eleven will acquire approximately 3,900 Speedway stores located in 35 states, for $21 billion in cash. Akin Gump advised 7-Eleven in the transaction, which is the largest acquisition in sector history.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to be completed in the first quarter of 2021.
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Akin Gump corporate partners Tom Yang and Nicholas Houpt led the team advising 7-Eleven. They were joined by counsel Ashton Butcher and associates Kathryn Betts, Penelope Shumway and Trevor Vega, all of the corporate practice.
In addition, a team of Akin Gump lawyers from across the firm advised on the deal, including partners Alison Chen and Jocelyn Tau, tax; partner Rolf Zaiss, counsel Stephanie Bollheimer and associate Aaron Farovitch, executive compensation and employee benefits; partner Lauren Leyden, counsel Dustin Stark and associate Grace O’Donnell, labor and employment; and antitrust/competition head Corey Roush and associate Alexander Merritt.
The internal 7-Eleven deal team was led by senior vice president, general counsel and secretary Rankin Gasaway and senior counsel Dawud Crooms.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 1,000 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75
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