DOW JONES NEWSWIRES
Alimentation Couche Tard Inc. (ATD.B.T) and Seven & I
Holdings Co. (3382.TO) signed separate agreements to acquire a
total of 84 convenience stores from oil giant Exxon Mobil Corp.
(XOM) as the retailers move to further expand their U.S.
footprint.
Quebec-based convenience-store operator Couche-Tard agreed to
buy 33 On the Run stores from Exxon Mobil in Southern Louisiana, in
a deal expected to close in December. The locations will operate
under the Circle K brand.
The pact comes after Couche-Tard in June agreed to buy up to 322
convenience-store sites plus an additional 65 reseller contracts
from Exxon Mobil. The company, which last year was unsuccessful in
an effort to buy Casey's General Stores Inc. (CASY), has long aimed
to expand south of Canada.
Japanese retail giant Seven & I, which runs 7-Eleven
convenience stores in Japan and the U.S., agreed to acquire the
retail interests in 51 North Texas locations. The sites are all
located in the greater Dallas/Fort Worth area, and Seven & I
expects a majority of the locations will be rebranded as 7-Eleven
stores.
Terms of the transactions weren't disclosed.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com