The planned $2.87 billion purchase of Hess Corp.’s 1,342 East Coast gas stations and convenience stores by Speedway, Marathon Petroleum Corp.’s subsidiary, involves no anti-trust concerns, the Federal Trade Commission reported. The agency has completed its review of the deal, it reported this week.
The purchase is expected to close by late September. It will expand Speedway’s reach from 1,480 stores in nine Midwestern states to more than 2,700 stores in 23 states, including the East Coast and Southeast.
“We will become the largest company-owned and -operated convenience store chain in the nation based upon revenue and the second largest by store count,” said Tony Kenney, Speedway president.