Major Convenience Store Merger in the Works
CBJ — Convenience store chain Alimentation Couche-Tard Inc. is reportedly in talks to buy Texas-based rival CST Brands although it has yet to confirm the speculation.
The Wall Street Journal, citing sources familiar with the matter, was the first to report on a possible deal between the companies that could come this week and be worth at least $3.4 billion US.
Responding at the request of the Toronto Stock Exchange’s market surveillance division, Couche-Tard said no formal agreements have been reached.
“There is no assurance that transactions will result from any of these discussions,” the company said. “Should agreements be reached, Couche-Tard will promptly disclose the information as required.”
Couche-Tard has about 1,850 convenience stores in Canada, primarily under the Mac’s and Couche-Tard banners. It also has more than 6,050 stores in the United States, mainly Circle K and Kangaroo Express outlets.