Potential buyers interested in acquiring U.S. stores from Japan’s Seven & i Holdings (3382.T) and Canada’s Alimentation Couche-Tard (ATD.TO) have until the end of March to express their interest, according to a Bloomberg News report.
The transaction, aimed at addressing antitrust concerns, has drawn attention from multiple parties, some of whom have signed non-disclosure agreements, Bloomberg reported, citing sources familiar with the matter.
Couche-Tard, the operator of Circle K convenience stores in Canada and the United States, has been pursuing the acquisition of Seven & i since August 2024. The Canadian company recently signaled its willingness to increase its buyout offer of $47 billion, provided that Seven & i becomes more transparent in disclosing financial information.
However, the proposed deal has faced regulatory scrutiny, with Seven & i opposing the bid due to concerns over U.S. competition laws. The two companies dominate the U.S. convenience store market, collectively operating approximately 20,000 locations. Seven & i indicated that more than 2,000 stores might be divested to alleviate antitrust concerns, though Couche-Tard has not publicly disclosed its divestment plans.
In response to regulatory challenges, Couche-Tard confirmed it was engaging in exploratory discussions with third parties regarding potential store sales to facilitate regulatory approval. Meanwhile, a spokesperson for Seven & i acknowledged that the company had signed non-disclosure agreements with prospective buyers and remained engaged in discussions with Couche-Tard to navigate antitrust considerations.
According to Bloomberg, any expression of interest from potential buyers must prioritize the preservation of competition within the U.S. market. Seven & i, which has faced long-standing investor criticism over its capital allocation strategies, recently confirmed the commencement of negotiations with Couche-Tard on a store sale plan that could serve as a precursor to a full acquisition bid.
As the deadline approaches, regulatory scrutiny and market dynamics will play a critical role in shaping the outcome of this high-profile transaction.
