Alimentation Couche-Tard Inc., a global leader in convenience and mobility, confirmed on Monday that it recently submitted a friendly, non-binding proposal to Seven & i Holdings Co., Ltd. for the purchase of 7-Eleven stores.
“The Company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders. There can be no certainty at this stage that any agreement or transaction will be reached. The Company does not anticipate issuing any further public statements regarding discussions with Seven & i unless or until an agreement is reached,” it said in a news release.
Couche-Tard is a global leader in convenience and mobility, operating in 31 countries and territories, with more than 16,700 stores, of which approximately 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of People’s Republic of China. Approximately 149,000 people are employed throughout its network.
Also on Monday, Alimentation Couche-Tard Inc. announced it has reached a definitive agreement to acquire GetGo Café +Markets from supermarket retailer Giant Eagle, Inc.
GetGo, an innovative, food-first convenience store experience, employs approximately 3,500 employees and operates approximately 270 convenience retail and fueling locations across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. GetGo has a variety of models – from open-concept stores to stand-alone kiosks and features an extensive menu of high-quality, made-to-order foods. As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s widely popular myPerks loyalty program.
“We are excited to welcome GetGo into the Couche-Tard family. As we learn more about the GetGo business, it is clear that it has built 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 and people as well as its outstanding food and loyalty programs. We look forward to growing together as we learn from and continue GetGo’s innovative approaches to serving its local customers and communities,” said Brian Hannasch, President and Chief Executive Officer of Couche-Tard.
“We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction,” added Bill Artman, Chief Executive Officer of Giant Eagle. “This enhances our focus on our core supermarket and pharmacy businesses, strengthening Giant Eagle and better enabling us to make strategic investments in our people, stores, and value proposition while matching GetGo with the perfect partner in Couche-Tard. Their depth of experience in convenience stores and fuel will create tremendous opportunities for our team members and customers, and we look forward to partnering with them on the myPerks loyalty program.”
The acquisition is expected to close in 2025 subject to standard regulatory approval and closing conditions and will be financed using the company’s available cash and/or existing credit facilities, including its U.S. Commercial Paper Program. The companies are not disclosing the financial terms of the transaction.
