Seven & i abandon acquisition of US company March 5 20:46
Retailer Seven & i Holdings has abandoned the acquisition of the gas station division, which has a convenience store for an American oil refinery company. It seems that the purchase price, which is about 2 trillion yen, could not be reached.
Seven & i Holdings intends to acquire Speedway, a gas station division with a convenience store of US oil refinery Marathon Petroleum, for approximately $ 22 billion, or approximately ¥ 2,350 billion in Japanese yen. Negotiations were in progress.
However, according to stakeholders, Seven & i decided to abandon the deal at a board meeting held today, abandoning the deal.
Seven & i wanted to expand its store network in the United States by acquiring Speedway, which has approximately 4,000 convenience stores attached to gas stations.
However, it seems that the purchase was abandoned because of the huge purchase price.
While significant growth is unlikely in Japan's retail business, Seven & i wanted to strengthen its overseas business and lead to growth, but this abandonment of the acquisition is likely to force a review of its strategy.