Seven & i close negotiations to buy US gas station division February 20 18:08
Distribution firm Seven & i Holdings has been negotiating to acquire the gas station division of a US oil refinery company. The aim is to expand the store network of convenience stores attached to gas stations and to strengthen overseas business, and the acquisition price may reach 2.45 trillion yen.
According to sources, Seven & i Holdings is in the process of overcoming negotiations to buy a gas station company from Marathon Petroleum, a US oil refinery. If the negotiations for the acquisition are finalized, the value of the acquisition could be as much as $ 22 billion.
Marathon Petroleum's petrol station company operates approximately 4,000 convenience stores attached to gas stations in the United States.
Seven & i aims to strengthen its overseas business by expanding its store network in the United States, while it is unlikely that retail business in Japan will see significant growth.
Seven & i commented, "We are exploring various possibilities for new growth strategies such as alliances and acquisitions, but no fact has been determined at this time."