Buyout proposal for Seven & i may include IPO for U.S. assets: report
Bloomberg is reporting that the proposed buyout of Seven & i Holdings Co. by the founding family may include a plan for an IPO to be issued by the global convenience store operator for its North American store operations which include convenience stores and gas stations.
The US$60 billion proposal would counter the recent attempts by Alimentation Couche-Tard Inc. to take over the company.
According to Bloomberg, which has spoken with people familiar with the matter, says the listing of the operations is considered as the best way to rapidly pay down the loans extended by Japan’s three largest banks involved in the buyout, Sumitomo Mitsui Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. Seven & i says it would retain a stake in the business after any potential listing.
Seven & i would not comment on the report or the IPO proposal to Bloomberg.
READ: Funding for family buyout of Seven & i likely to be secured by end of December
Laval, Quebec-based Couche-Tard operates more than 16,700 stores across 31 countries, with 7,100 stores in the United States under the Circle K and Holiday Stationstores banners, and 2,100 in Canada under the Circle K and Couche-Tard banners.
Tokyo-based Seven & i operates convenience stores, superstores, supermarkets, specialty stores, foodservices, financial services and IT services across the globe, including 7–Eleven with more than 44,000 stores across19 countries and regions, with stores in the United States, Canada, Mexico and Japan.
