M&A 2024: Big Deals and Dramas, What’s Next?
In 2024, the finance and securities world was abuzz with news of mergers and acquisitions that would set the stage for 2025. One of the biggest stories was the potential acquisition of 7-Eleven by Alimentation Couche-Tard, the owner of Circle K. With the largest and second-largest number of convenience stores in the U.S., it was a deal that could reshape the industry.
Alimentation Couche-Tard made a friendly proposal to acquire Seven & i Holdings in August, offering $14.86 per share or approximately $39 billion. Despite two rejections from Seven & i, Couche-Tard upped its offer to $18.19 per share or around $47.2 billion in October. Seven & i responded with a restructuring plan to focus more on convenience stores and consider a management buyout worth over $58 billion.
Meanwhile, both companies were making other moves in the industry. 7-Eleven completed its acquisition of 204 Stripes c-stores and Laredo Taco Company restaurants in a billion-dollar deal with Sunoco LP, while Couche-Tard agreed to acquire 270 GetGo Café + Markets c-stores from Giant Eagle Inc.
Another significant acquisition in 2024 was Casey’s General Stores acquiring Fikes Wholesale Inc., expanding its reach into Texas and the Gulf Coast region. This deal added 198 retail locations and dealer networks to Casey’s ever-growing list of approximately 2,900 stores.
Lastly, Delek US Holdings sold its retail operations to Fomento Económico Mexicano (FEMSA) in a $385 million deal, allowing FEMSA to expand its OXXO c-store brand into the United States. With aspirations to open as many as 900 U.S. c-stores over the next decade, FEMSA’s growth strategy is on the rise.
As we look ahead to 2025, these mergers and acquisitions will continue to shape the finance and securities landscape, with companies strategizing for a future filled with change and growth.
