Comments on Speedway Sale Closing; Despite FTC commissioners issuing statements, believe we were legally allowed to close the Speedway transaction and are in receipt of the $21B sale consideration
Today provided additional comments regarding the closing of its $21 billion sale of Speedway to 7-Eleven, Inc., a wholly owned, indirect subsidiary of Seven & i Holdings Co., Ltd (3382: Toyko). The parties closed the transaction after all conditions to close were fully satisfied. MPC is in receipt of the $21 billion sale proceeds, and Speedway and its assets are owned by 7-Eleven.
Throughout its thorough evaluation of the transaction, Marathon Petroleum and 7-Eleven worked very cooperatively over many months with the U.S. Federal Trade Commission (FTC) and its staff and will continue to do so going forward. The relevant conditions to close the transaction were satisfied with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) and the expiration of the parties' timing agreement with FTC staff, which had been extended multiple times. That timing agreement elapsed overnight, with the FTC electing to take no action on the transaction. Upon satisfaction of all conditions to close, the parties finalized the transaction this morning.
In the hours after the closing, two sets of FTC Commissioners elected to issue separate statements both stating publicly that the FTC had indeed taken no action on the transaction during the HSR Act waiting period. MPC supports 7-Eleven's position, released earlier today, that the companies were legally allowed to close the Speedway transaction today and statements or implications to the contrary are false.
MPC is pleased to have closed the transaction, is in receipt of the $21 billion sale consideration and remains committed to the capital return plans announced earlier today.