Canada-based Alimentation Couche-Tard Inc., which is still waiting for news on a major deal to acquire Japan’s 7-Eleven and Speedway franchises across the United States, said on June 26 it received regulatory approval to complete a smaller $1.6 billion deal to acquire 270 convenience-store locations across the Midwest.
The Circle K owner announced after the close of market on June 27 that it has received Federal Trade Commission (FTC) clearance to proceed with its acquisition of GetGo Café + Market from Giant Eagle Inc., a Pittsburgh-based supermarket chain with C-store locations across Pennsylvania, Maryland, West Virginia, Ohio, and Indiana.
“GetGo has built an extraordinary brand on the strength of a best-in-class food program, an exceptional store experience, and a compelling offer activated by an amazing team that is passionate about their customers and communities,” Couche-Tard CEO Alex Miller said in a statement.
“GetGo has been an important part of Giant Eagle’s history, and we thank all 3,500 GetGo and WetGo team members for the valuable work they have done,” Giant Eagle CEO Bill Artman added.
Following Couche-Tard’s announcement in August 2024 that it reached an agreement to acquire Giant Eagle’s convenience-store operations, the FTC began an antitrust review of the nation’s largest convenience-store merger in that year. At that time, the FTC staff and commission, under then-President Joe Biden, stated they would protect Americans from higher prices at the pump by addressing antitrust concerns related to the Canadian convenience-store operator’s acquisition of 270 retail fuel outlets at GetCo locations.
Under the 3–0 decision by the FTC, now led by Chairman Andrew Ferguson, a President Donald Trump appointee, the agency is requiring Couche-Tard to divest 35 gas stations in Indiana, Ohio, and Pennsylvania to address concerns about reduced competition in those local markets.
The proposed 25-page consent order also resolves other initial antitrust charges brought by the Biden-era FTC commission. Beginning June 26, the public will have 30 days to submit comments on the proposed consent agreement package, after which Couche-Tard can proceed and close the deal with Giant Eagle, which operates nearly 200 namesake grocery stores across five Midwest states.
“This anticompetitive acquisition threatened to make Americans pay more at the pump by raising fuel prices. The FTC’s action on (June 26) preserves competition between gas stations that is critical for keeping fuel prices in check. The FTC will keep a watchful eye on retail fuel markets to make sure American consumers can spend less on gas and keep more money in their pockets,” said Daniel Guarnera, director of the FTC’s Bureau of Competition.
According to Couche-Tard, based in Quebec, GetGo convenience stores operate as a new and separate business unit within Couche-Tard’s U.S. store network, similar to 7-Eleven, Speedway, and its other convenience-store brands across 47 states. Mike Maraldo, a 33-year veteran of Giant Eagle, will lead this new business unit, which has 3,500 employees.
As part of the proposal consent agreement, Majors Management LLC has agreed to acquire the 35 divested gas stations to address the FTC’s antitrust concerns.
Based in the Atlanta area, Majors is one of the country’s largest convenience-store operators, with more than 1,400 retail locations across 21 U.S. states under various unbranded and branded names, along with key gasoline wholesale partnerships with top oil companies including Valero, Shell, Chevron, Citgo, ExxonMobil, Shell, and Chevron.
In addition, in an unusual executive suite arrangement approved by the FTC, key GetGo senior operations leaders, along with management and support staff, will remain at Giant Eagle in a separate, dedicated space. GetGo’s brand, programs, and customer offers will also remain part of Giant Eagle’s myPerks loyalty program.
Once the Couche-Tard–Giant Eagle deal is finalized, the FTC might face another major convenience-store acquisition within days or weeks. During the company’s fourth-quarter and year-end conference call on June 25, Couche-Tard’s Miller mentioned that merger discussions with Seven & I Holdings are still active, including “potential strategic partnerships or expansions.”
In late 2024, Couche-Tard proposed a major deal to acquire Tokyo-based Seven & I Holdings Co. for $47 billion. Couche-Tard, the owner of the Tempe, Arizona-based Circle K brand, is the second-largest convenience-store operator in the United States, with 7,000 stores. Seven & I, parent company of Texas-based 7-Eleven, operates more than 9,200 stores in the United States.
After rejecting Couche-Tard’s unsolicited offers in late 2024, Seven & I announced on Feb. 27 that it was unable to secure financing for a $58 billion management buyout deal.
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