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Hess Will Sell Retail Arm To Hess For $2.6 Billion

Hess said today that they will sell its retail business to Marathon for $2.6 billion. Originally, Hess wanted some kind of spinoff for its retail unit, but they were also open to the idea of a sale. This sale will include all of their retail locations, transport operatrions and shipper history on pipelines. This deal will surely make Speedway one of the largest convenience store chain in the country based just on revenue.

The deal is expected to finish at the end of the third quarter with a mixture of debt and available cash. By acquiring Hess's retail spots, MPC will increase their presence from 9 states to 23. Right now, Hess is the biggest convenience store operator in the East Coast, and the 5th largest in the country.