Alimentation Couche-Tard, a company based in Laval, Quebec, has expressed interest in acquiring the global convenience-store chain 7-Eleven from its Japanese operator. In addition to this potential acquisition, Couche-Tard has also announced plans to purchase the U.S.-based GetGo Café + Markets convenience-store chain from Giant Eagle for an undisclosed amount.
The proposal for acquiring Seven & i Holdings was submitted by Couche-Tard and acknowledged by both companies on Monday through separate news releases. The exact amount of the bid has not been disclosed; however, various sources have reported different figures ranging from US$31 billion to US$38 billion.
Couche-Tard referred to their offer as a “non-binding friendly proposal” with hopes of reaching an agreement that will benefit customers, employees and shareholders of both companies. However, there is no guarantee that any agreement or transaction will be reached at this stage.
Seven & i stated that they have formed an independent committee made up of independent directors who will review the proposal and consider other alternatives before making a decision on whether or not to accept it. They emphasized their obligation to act in the best interest of their shareholders and stakeholders when considering any potential transactions.
Couche-Tard currently operates over 17,000 stores under various brands across 31 countries including Circle-K. Meanwhile Seven & i also owns Speedway gas-stations which are popular in the United States.
In addition to these developments with Seven & i Holdings’ proposed acquisition , Couche- T ard announced plans for purchasing GetGo Cafe + Markets using cash or existing credit facilities . This move would add approximately 270 convenience stores and fuel stations located across Pennsylvania , Ohio , West Virginia , Maryland ,and Indiana .
Brian Hannasch,the president,and CEOof Couch e -T ard commented on his excitement about learning more about GetGo’s business model stating,”As we learn more abouttheGetGobusiness,itisclearthatithasbuilt a strong and passionate customer base with high-quality stores staffed by talented and engaged teams working to deliver a great experience. We have deep respect for its management, people, outstanding food,and loyalty programs. We look forward to growing together as we learn from GetGo’s innovative approaches in serving local customers and communities.”
Giant Eagle CEO Bill Artman also expressed his thoughts on the proposed sale stating that it would allow the company to focus on their core supermarket and pharmacy businesses.
The deal is expected to be finalized in 2025.
