7-Eleven is swallowing up the Speedway gas station chain in one big gulp.
Dallas-based 7-Eleven has two stores a few blocks apart in Griffith, as well as locations in Whiting and Valparaiso. Speedway has gas stations all over Northwest Indiana, including in Munster, Merrillville, Schererville, Griffith, Gary, Hammond, Crown Point, Highland, Dyer, Chesterton, Portage, Hobart, Valparaiso, LaPorte and Michigan City.
"This acquisition is the largest in our company's history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast," said Joe DePinto, president and CEO of 7‑Eleven. "By adding these quality locations to our portfolio, 7‑Eleven will have the opportunity to bring convenience to more customers than ever before."
7-Eleven, known for its Slurpees and Big Gulps, is acquiring 3,900 Speedways in 35 states for $21 billion. Many of the Speedway stores are located in areas in the Midwest and East that 7-Eleven does not already serve. Already the largest convenience store chain, it will end up with 14,000 locations in North America.
The enlarged company will end up with a presence in 47 of the 50 most populous metro areas in the United States. The company expects to achieve $475 million to $575 million in "synergies" through the deal and boost its economy of scale.
7-Eleven plans to hire 40,000 Speedway employees.
The transaction is expected to close in the first quarter of next year, pending regulatory approvals.