FINDLAY, OH—Marathon Petroleum Corp. subsidiary Speedway LLC said Thursday it would buy Hess Corp.’s retail operations in a deal valued at $2.87 billion, including $2.37 billion in cash. The deal, which incorporates all of Hess’ retail locations, transport operations and shipper history on various pipelines, marks Hess’ exit from the convenience-store business and grows Speedway’s presence from nine states to 23.

When the deal for Hess Retail Holdings LLC closes later this year, it will nearly double Speedway’s store count from about 1,480 to more than 2,700, and will position it as the largest C-store operator in the eastern US. The combined business will have 2013 pro forma revenues of more than $27 billion, 6.2 billion gallons of annual fuel sales and $4.8 billion of annual merchandise sales.

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