On Thursday, Hess sold its retail business to Marathon Petroleum Corp.’s Speedway unit for $2.87 billion, Wall Street Journal’s MarketWatch reports.
The deal expands Speedway’s retail presence from nine states to 23 states and makes it the largest company-owned and company-operated convenience store chain in the United States.
In addition to taking over Hess’s 2,700 retail locations, Marathon will take control of company’s transport operations and shipper history including 40,000 barrels of petroleum a day.
Prior to the deal, Hess was the largest operator of convenience stores along the East Coast and the fifth largest in the United States.
Marathon to buy Hess retail arm for $2.6 billion [MarketWatch]