7-Eleven owner buying Speedway for $21B

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7-Eleven sign and parking lot

A 7-Eleven in Palo Alto, California on July 1, 2008. (AP / Paul Sakuma)

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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