WASHINGTON—The 7-Eleven convenience store chain said Friday it had completed a $21 billion acquisition of Marathon Petroleum Corp.’s Speedway convenience stores, amid disarray from U.S. antitrust enforcers who hadn’t agreed on what to do about a transaction they all said they believed was anticompetitive.
7-Eleven, a subsidiary of Tokyo-based Seven & I Holdings Co. , reached the deal with Marathon last August,. 7-Eleven said the transaction allowed it to expand its footprint and diversify its presence in 47 of the 50 most populated U.S. metro areas. The timing of the acquisition’s consummation was unusual because Democrats and Republicans at the Federal Trade Commission each said they had reasons to believe the transaction was unlawful, though the two camps, in dueling statements, signaled there wasn’t consensus, at least not yet, on how to address those concerns.
7-Eleven in a statement said it had negotiated a settlement with FTC staffers and thought it had a deal in place to address competitive concerns by divesting 293 stores, whose buyers were vetted and blessed by FTC investigators.
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