Dive Brief:
- Speedway, the convenience store and gas station chain owned by Marathon Oil, will buy the retail operations of Hess in a $2.87 billion deal.
- The acquisition turns Dayton, OH-based Speedway into the largest collection of company-owned convenience stores in the country, and the second-largest convenience store chain by store count, trailing only 7-Eleven. The deal has been widely expected since November.
- Speedway said its immediate plans for Hess include an expansion of foodservice operations.
Dive Insight:
What happens to the toy trucks? If you collect the popular Hess-branded trucks during the holidays, don't panic. Hess is continuing on as a gasoline company, and the company says will continue to sell the toy trucks. They'll be available this year at the Hess/Speedway stores, and available online after that.