Seven & i Holdings, a major distributor, announced that it has completed the acquisition of "Speedway," a gas station division with a convenience store operated by an American oil refinery company.
Speedway has approximately 3,800 stores locally, and while it is difficult to expect growth in the domestic market, we would like to strengthen our overseas business.
According to the announcement, Seven & i announced that it has completed the acquisition of the gas station division "Speedway" of the American oil refinery Marathon Petroleum on the 14th of this month.
The purchase price is 21 billion dollars, which is about 2.3 trillion yen in Japanese yen.
Speedway is a gas station with a convenience store that has about 3,800 stores locally, and is the third largest number of stores in the American convenience store industry.
Seven & i is already the number one in the industry with more than 9,000 stores in the United States, but with this acquisition, we would like to further expand the store network and significantly separate the number two in the industry.
While it is difficult to expect growth in Japan due to the declining birthrate and other factors, the aim is to strengthen the US business, which is expected to expand the market, and lead to the growth of the entire group.
Gasoline accounts for more than half of the sales of Speedway, but as the movement to degasoline progresses, Seven & i plans to utilize its product strength to increase sales in the convenience store business.
Some members of the Federal Trade Commission disagreed with "antitrust violations"
Following the announcement of Seven & i, two members of the FTC = Federal Trade Commission, which examines acquisition cases in the United States, issued a statement saying, "This acquisition violates antitrust law. Products at gas stations and convenience stores Prices could go up. "
The statement is not legally binding to withdraw the acquisition, but it has become clear that there is disagreement within the FTC, which will affect Seven & i's operations in the United States, depending on future investigations. It may be given.
Seven & i US subsidiary "disappointed with statement"
Seven & i Holdings said, "We have been working closely with related organizations on the acquisition of Speedway," said two members of the US FTC = Federal Trade Commission. We are currently confirming this matter. "
Meanwhile, an American subsidiary of Seven & i said, "I'm disappointed with this statement. The acquisition of Speedway has been found to be legal, and the statement against it is incorrect." I am against the statement.