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

SEVEN & I HOLDINGS CO., LTD.

(3382)
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Seven & i, Couche-Tard, TDR to make offers for Speedway this week: sources

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07/22/2020 | 02:24pm EDT
FILE PHOTO: A motorist fuels-up his car at a Speedway gas station in Des Plaines, Illinois

Canadian convenience store operator Alimentation Couche-Tard Inc, Japanese peer Seven & i Holdings Co and private equity firm TDR Capital are preparing to submit rival bids this week for Marathon Petroleum Corp's gas station network Speedway, according to people familiar with the matter.

It is Marathon's second attempt this year to divest Speedway after negotiations with Seven & i, parent of the 7-Eleven convenience store chain, over a $20 billion-plus deal collapsed in March as the novel coronavirus spread in the United States. Speedway could now fetch between $15 billion and $17 billion, amid lower road traffic during the pandemic, the sources said.

Couche-Tard, which has more than 9,400 stores in North America, does not want to pay for the entire deal on its own, according to the sources. It is also seeking a partner that would take on some of the Speedway gas stations and address potential antitrust concerns about a deal, the sources said.

The Laval, Quebec-based company is in talks to team up with private equity firms, including Cerberus Capital Management LP, the sources added. It is seeking a partner that will take on at least 850 Speedway locations, according to one of the sources.

Couche-Tard has also explored partnering with TDR Capital, owner of the British petrol station operator EG Group, the sources said. But Couche-Tard and TDR could not agree on how to split the Speedway assets, and TDR has now raised financing for an all-cash bid of its own, the sources said. TDR will not attach any antitrust contingencies on its bid, the sources said.

7-Eleven operates and franchises more than 70,000 stores in 17 countries, including 11,800 in North America. It is not clear whether its Japanese parent is lining up transactions to address potential antitrust concerns.

Other smaller companies and buyout firms are in talks about partnering with a larger player on a bid. Murphy USA Inc, which operates more than 1,400 convenience stores in 26 U.S. states, is considering participating in the auction for Speedway, two of the sources said.

The sources requested anonymity because the matter is confidential. Marathon Petroleum, Couche-Tard, TDR Capital and Cerberus declined to comment. Seven & i and Murphy USA did not respond to requests for comment.

If Marathon does not secure a sale of Speedway, it will seek to spin it off to its shareholders. Under pressure from hedge fund Elliott Management Corp, the Findlay, Ohio-based company has said the spin-off would happen by the first quarter of 2021. Speedway comprises more than 3,900 convenience stores.

By David French and Greg Roumeliotis

Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. 0.58% 47.05 Delayed Quote.14.17%
MARATHON PETROLEUM CORPORATION -0.38% 28.62 Delayed Quote.-52.50%
MURPHY USA INC. -0.76% 133.23 Delayed Quote.13.87%
SEVEN & I HOLDINGS CO., LTD. -1.01% 3329 End-of-day quote.-16.84%
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Financials
Sales 2021 5 907 B 55 988 M 55 988 M
Net income 2021 152 B 1 441 M 1 441 M
Net cash 2021 479 B 4 537 M 4 537 M
P/E ratio 2021 19,6x
Yield 2021 2,97%
Capitalization 2 939 B 27 861 M 27 860 M
EV / Sales 2021 0,42x
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 3 329,00 JPY
Spread / Highest target 80,2%
Spread / Average Target 31,7%
Spread / Lowest Target 8,14%
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
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