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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Seven & i Holdings Co., Ltd.    3382   JP3422950000

SEVEN & I HOLDINGS CO., LTD.

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Marathon Petroleum sells Speedway to 7-Eleven owner for $21 billion

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08/02/2020 | 06:34pm EDT
FILE PHOTO: A motorist fuels-up his car at a Speedway gas station in Des Plaines, Illinois

Marathon Petroleum has agreed to sell its Speedway gas stations in the United States to Japanese retail group Seven & i Holdings for $21 billion, the companies said, five months after the deal was put on hold amid the coronavirus outbreak.

Marathon, under pressure from activist investor Elliott Management, said last year it would launch sweeping restructuring, including spinning off Speedway, which it said was worth as much as $18 billion, including debt.

After-tax proceeds from the sale, which has been approved by the boards of both companies, are estimated at $16.5 billion, Marathon said, adding it will use the proceeds to pay existing debt.

For Seven & i, owner of the 7-Eleven convenience store chain, the deal helps it shift its focus beyond a saturated Japan market, multiplying its portfolio of U.S. gas stations and corner stores acquired through a $3.3 billion deal with Sunoco in 2017.

7-Eleven said the latest deal will bring its store count in the United States and Canada to about 14,000.

The deal, which is expected to close in the first quarter of 2021, includes a 15-year fuel supply agreement for about 7.7 billion gallons per year associated with the Speedway business, said Marathon, the largest U.S. refiner by volume.

The Japanese company abandoned the deal in March, according to sources at the time, due to worries about the price tag - reportedly around $22 billion - especially due to growing concerns about global economic slowdown amid the virus outbreak.

Many analysts and investors had said the initially reported deal price was too high. But some also said it still made sense for Seven & i to expand further in North America.

In Japan, the convenience store chain faces a slow economy as well as tough competition from rivals such as FamilyMart and Lawson, as well as discount drugstores and online retail giants like Amazon.com.

7-Eleven also said it expects to achieve $475 million to $575 million of synergies through the third year after the deal's closing.

The deal will also produce compound annual growth over 15% in 7-Eleven's operating income through the first three years after closing, the company said. It added the purchase price reflected $3 billion in tax benefits.

Seven & i, Canadian convenience store operator Alimentation Couche-Tard and private equity firm TDR Capital had prepared rival bids late last month for Speedway, Reuters reported in July.

(Reporting by Ritsuko Ando in Tokyo and Kanishka Singh in Bengaluru; Editing by Dan Grebler and Christopher Cushing)

Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. -0.87% 46.64 Delayed Quote.13.18%
AMAZON.COM, INC. 2.49% 3095.13 Delayed Quote.67.50%
FAMILYMART CO., LTD. 0.22% 2330 End-of-day quote.-11.24%
LAWSON, INC. -1.20% 4925 End-of-day quote.-20.44%
MARATHON PETROLEUM CORPORATION 0.03% 28.63 Delayed Quote.-52.48%
SEVEN & I HOLDINGS CO., LTD. -0.45% 3314 End-of-day quote.-17.21%
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Financials
Sales 2021 5 907 B 55 971 M 55 971 M
Net income 2021 152 B 1 440 M 1 440 M
Net cash 2021 479 B 4 536 M 4 536 M
P/E ratio 2021 19,5x
Yield 2021 2,98%
Capitalization 2 926 B 27 699 M 27 726 M
EV / Sales 2021 0,41x
EV / Sales 2022 0,35x
Nbr of Employees 57 270
Free-Float 84,4%
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Technical analysis trends SEVEN & I HOLDINGS CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 13
Average target price 4 384,62 JPY
Last Close Price 3 314,00 JPY
Spread / Highest target 81,1%
Spread / Average Target 32,3%
Spread / Lowest Target 8,63%
EPS Revisions
Managers
NameTitle
Ryuichi Isaka President & Representative Director
Yoshimichi Maruyama General Manager-Finance & Accounting
Katsuhiro Goto Representative Director & Executive Vice President
Junro Ito Director & Managing Executive Officer
Kimiyoshi Yamaguchi Director & General Manager-Corporate Communication
Sector and Competitors
1st jan.Capitalization (M$)
SEVEN & I HOLDINGS CO., LTD.-17.21%27 699
WALMART INC.15.51%388 989
ALIMENTATION COUCHE-TARD INC.13.18%38 760
SM INVESTMENTS CORPORATION-16.68%21 585
AVENUE SUPERMARTS LIMITED14.38%18 494
COLES GROUP LIMITED17.79%16 357