Hess agrees to $2.87 bil sale

Investor's Business Daily

The Hess (HES) name will be removed from gas stations if the proposed sale to Marathon Petroleum's (MPC) Speedway goes through. Hess had filed to spin off its retail business earlier this year, but left the door open to a sale. The deal includes all Hess retail locations and transport and pipeline operations. Marathon will pay $2.37 bil cash plus working capital and leases for a total value of $2.87 bil, Marathon said. Hess shares rose 1.1% to 90.29. Marathon fell 0.9% to 86.91.

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