Alimentation Couche-Tard is seeking to acquire the global 7-Eleven convenience-store chain from its Japanese operator.

Meanwhile, Couche-Tard has also agreed to acquire the U.S.-based GetGo Café +Markets convenience-store chain from U.S.-based supermarket retailer Giant Eagle for an undisclosed amount.

Laval, Que.-based Couche-Tard has submitted a proposal to acquire Tokyo-based Seven & i Holdings, which operates 85,000 convenience stores globally. Both companies acknowledged the proposal’s submission Monday in separate news releases.

The companies did not disclose the amount of Couche-Tard’s bid. However, the New York Times reported that Couche-Tard has offered to pay more than US$38 billion, while BNN Bloomberg pegged the bid at US$31 billion and a BBC report states that the offer is valued at £29.2 billion.

Couche-Tard called the offer a “non-binding, friendly proposal.”

“The company is focused on reaching a mutually agreeable transaction that benefits both
companies’ customers, employees, franchisees and shareholders,” said Couche-Tard. “There can be no certainty at this stage that any agreement or transaction will be reached.”

Seven & i said its board has formed an independent committee comprised of independent directors to review the proposal, which calls for Couche-Tard to acquire all of the Japanese firm’s outstanding shares.

“Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the special committee intends to conduct a prompt, careful and comprehensive review of the proposal, the company’s stand-alone plans and other alternatives for enhancing corporate value, after which a response will be made to [Couche-Tard],” said Seven & i.

“Neither the board of directors nor the special committee has made any determination at this time to either accept or reject the proposal from [Couch-Tard, to enter into discussions with [Couche-Tard] or to pursue any alternative transaction.”

Couche-Tard operates approximately 17,000 stores in 31 countries and territories under the Circle-K brand and other labels. About 13,100 of the outlets include fuel stations.

Seven & i also operates the popular U.S.,-based Speedway gas-station network.

Meanwhile, Couche-Tard said it will use cash and/or existing credit facilities to finance the GetGo purchase from Pittsburgh-headquartered Giant Eagle.

GetGo employs approximately 3,500 people and operates approximately 270 convenience stores and fuel stations across Pennsylvania, Ohio, West Virginia, Maryland and Indiana.

“As we learn more about the GetGo business, it is clear that it has built a strong and passionate customer base with high quality stores staffed by talented and engaged teams working to deliver a great experience,” said said Brian Hannasch, Couche-Tard’s president and CEO, in a news release.

“We have deep respect for its management and people as well as its outstanding food and loyalty programs. We look forward to growing together as we learn from, and continue, GetGo’s innovative approaches to serving its local customers and communities.”

Giant Eagle CEO Bill Artman said the proposed sale will enable the U.S. chain to focus on its core supermarket and pharmacy businesses.

The deal is expected to close in 2025.

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