Summary
Marathon Petroleum Corporation (MPC) announced the completion of the sale of its Speedway business to 7-Eleven, Inc. for $21 billion on May 14, 2021. This significant divestiture marks a strategic shift for MPC, focusing its resources on its core refining and marketing operations. The transaction, initially announced in August 2020, involved the sale of retail transportation fuel and convenience store offerings. In connection with the closing, Timothy T. Griffith, formerly President of Speedway LLC, has ceased to be an officer and employee of MPC. His long-term incentive awards were modified to vest and settle consistent with the purchase agreement terms. MPC also indicated its intention to commence a tender offer for its own common stock, details of which will be disclosed in a forthcoming Schedule TO filing. The company has not provided pro forma financial information in this report, stating that the Speedway business was already classified as discontinued operations.
Key Highlights
- 1Completion of the sale of the Speedway business to 7-Eleven, Inc. for $21 billion on May 14, 2021.
- 2The transaction involved the divestiture of MPC's convenience store business, including retail transportation fuel.
- 3Timothy T. Griffith, former President of Speedway LLC, has departed from his roles as an officer and employee of MPC.
- 4Certain long-term incentive compensation awards for Speedway employees, including Mr. Griffith, were modified to vest and settle.
- 5MPC plans to initiate a tender offer for its common stock, with details to be filed on Schedule TO.
- 6Pro forma financial information related to the transaction is not included, as Speedway was already reported as discontinued operations.
- 7The filing references previous agreements and amendments related to the sale, emphasizing that detailed terms are subject to the referenced documents.