Circle K owner makes a play for global convenience store giant 7-Eleven

Circle K owner makes a play for global convenience store giant 7-Eleven A dominating convenience store chain could land in Canadian hands after the owner of Circle K offered to buy one of the sector's biggest players, laying the groundwork to potentially unite them in a mammoth global retail business. Tara Deschamps, The Canadian Press Aug 19, 2024 10:56 AM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message A Couche Tard convenience store is shown in Montreal on October 5, 2012. THE CANADIAN PRESS/Graham Hughes A dominating convenience store chain could land in Canadian hands after the owner of Circle K offered to buy one of the sector's biggest players, laying the groundwork to potentially unite them in a mammoth global retail business.

Seven & i Holdings Co. Ltd., which is headquartered in Japan and owns 7-Eleven, said it received a non-binding offer from Laval, Que.

-based Alimentation Couche-Tard Inc. to acquire all outstanding shares. Couche-Tard did not disclose terms of the proposal presented to Seven & i but described the offer as "friendly, non-binding" and said it is focused on "reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders.

" "This potential takeover bid is a huge deal," said Neil Saunders, managing director of GlobalData, in an email. Couche-Tard's empire already covers 31 countries and more than 16,700 stores across the Couche-Tard, Circle K and Ingo.