Year in Review: The Top M&A Deals of 2024
NATIONAL REPORT — The past 12 months saw some of the biggest merger-and-acquisition (M&A) deals of the past few years, with multiple large convenience store chains taking steps to expand their operations even further.
The biggest M&A story of the year is not yet finished: investors, competitors and customers are all waiting to find out whether Irving, Texas-based 7-Eleven Inc.'s parent company will stay independent, sell to Laval, Quebec-based Alimentation Couche-Tard Inc. or accept a management buyout offer to go private.
These are the top 10 M&A headlines of 2024, as reported by Convenience Store News:
1. Couche-Tard Executives Ramp Up Pursuit of 7-Eleven's Parent Company
Alimentation Couche-Tard Inc.'s unsolicited, nonbinding bid for Seven & i Holdings Co. Ltd. kicked off a frenzy of speculation over the chain's future. The reported $38 billion offer, which was later increased to $47 billion, prompted a rival white knight bid from a member of Seven & i's founding family to take the company private. Seven & i also announced plans to accelerate its own transformation by splitting into two separate businesses.
2. Berkshire Hathaway Acquires Remaining Stake in Pilot Travel Centers
Its acquisition of the remaining 20% interest from the family of Pilot founder Jim Haslam II made Berkshire Hathaway Inc. the sole owner of Pilot Travel Centers LLC. The deal came shortly after the company and the Haslam family settled a valuation dispute over Berkshire Hathaway's planned buyout that was about to head to trial in Delaware Chancery Court.
3. 7-Eleven Strikes Nearly $1B Deal With Sunoco for 204 Stores
The $950 million deal made 7-Eleven Inc. the sole owner and operator of Stripes convenience stores and Laredo Taco Co. restaurants in the United States, adding 204 locations across west Texas, New Mexico and Oklahoma.
4. Casey's Completes Largest Acquisition to Date
The chain grew its network by 198 convenience stores upon its acquisition of Fikes Wholesale, owner of CEFCO convenience stores. The deal included 148 c-stores in Texas, a highly strategic market for Casey's, while the others were located in Alabama, Florida and Mississippi.
5. Nouria Inks Acquisition Deal for Enmarket
The Worcester, Mass.-based retailer positioned itself to serve new markets by acquiring Savannah, Ga.-based Enmarket from its parent company, Colonial Group. The deal included more than 132 Enmarket stores and nearly 26 Enmarket car washes.
6. Giant Eagle Answers FAQs Around GetGo Sale
Giant Eagle CEO Bill Artman stated that Alimentation Couche-Tard Inc.'s acquisition of GetGo Café+Markets would enable growth for both companies. The deal included approximately 270 c-stores across Pennsylvania, Ohio, West Virginia, Maryland and Indiana.
7. Amber Energy Named Winning Bidder for CITGO
A special master appointed by the U.S. District Court for the District of Delaware selected Amber Energy Inc. to acquire PDV Holding Inc., parent company of CITGO Petroleum Corp. Amber Energy is backed by a group of strategic U.S. energy investors and expressed its commitment to to further strengthening CITGO as a leader in the refining, transportation and marketing of products vital to the economy.
8. Delek US Inks Deal to Sell Retail Assets for $385M
A subsidiary of FEMSA, one of the largest conglomerates in Mexico with operations in more than 17 countries, acquired 100% of the equity interests in the Delek subsidiaries that operate Delek US Retail for cash consideration of $385 million. Delek US Retail comprised 249 corporate stores operating primarily in the southwestern United States.
9. 7-Eleven International Closes $1.1B Deal for 7-Eleven Australia
The joint venture of 7-Eleven Inc. and Seven-Eleven Japan Co. Ltd. added more than 750 c-stores to its Australia upon completion of the $1.1 billion deal. The companies identified opportunities to transform 7-Eleven Australia's merchandise and fuel offer, expand product assortment and introduce new high-quality fresh foods.
10. Stewart's Shops Completes Deal for Jolley Stores
The retailer purchased the assets of the Jolley Associates convenience store chain and S.B. Collins, including the Clarence Brown heating oil business in St. Albans, Vt. The deal includes 38 c-stores in Vermont, five in New York and two in New Hampshire.