Couche-Tard assembles U.S. stores to divest in hopes of advancing 7-Eleven deal
Alimentation Couche-Tard says it has put together a portfolio of U.S. stores it would consider selling to advance its hopes of acquiring 7-Eleven's parent company.
The Quebec-based owner of Circle K says it has been working with its acquisition target, Seven & i Holdings Co. Ltd., to have exploratory discussions with firms interested in potentially buying any convenience stores it will divest.
Couche-Tard is making such moves because it says it still believes there's a path for it to obtain the regulatory approvals it would need to purchase Seven & i.
The Japanese company originally rebuffed Couche-Tard's takeover pitch last year, saying the offer was too low and did not fully address U.S. regulatory concerns.
READ: Seven & i Holdings announces leadership change, IPO plan for U.S. 7-Eleven operations
Seven & i appeared to be on the brink of a buyout from the family that helped found the company until they pulled out last month, when they were unable to secure financing.
Earlier this week, Seven & i announced a new plan to sell billions of its non-convenience store assets to Bain Capital and launch an initial public offering of its North American 7-Eleven business.
