Circle K owner makes bid to acquire 7-Eleven
Published on: Aug 19, 2024
Canadian Alimentation Couche-Tard has issued an offer with the aim of deepening discussions with Seven & i Holdings for its convenience store business.
Canadian Alimentation Couche-Tard has sent Japan’s Seven & i Holdings an offer for a potential takeover of its convenience store business.
Both companies, owners of the Circle K and 7-Eleven c-store brands respectively, have officially confirmed this communication. Although no official amount has been disclosed, the move leaves the door open for what could be the largest acquisition of a Japanese company by a foreign player.
According to Reuters, Couche-Tard proposed purchasing all of the company’s outstanding shares. The Canadian company confirmed this and labeled it as a "friendly proposal" with the goal of reaching a mutually agreeable transaction.
Although no official decision has been made, the Japanese firm has created a special committee to review the offer. Currently, Seven & i employs approximately 77,000 people across the globe, according to LSEG data, with the majority of its sales coming from its overseas c-store operations.
