The Gas Station M&A Frenzy Looks Like a Bubble [Yahoo! Finance News]
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Source: Yahoo! Finance News
Opinion) -- Investors in the retail sector can’t get their fill of gas stations. Seven & i Holdings Co., the Japanese company that controls 7-Eleven, is in exclusive talks to acquire Marathon Petroleum Corp.’s Speedway gas stations for about $22 billion, people familiar with the matter told Scott Deveau, Kiel Porter and Manuel Baigorri of . That’s not the only deal out there. EG Group, a closely held U.K. forecourts operator that had also shown an interest in Speedway, this week offered A$3.9 billion $2.6 billion) in cash for the gas stations owned by Caltex Australia Ltd. Alimentation Couche-Tard Inc. is also bidding for Caltex’s entire business, including its refinery and fuel distribution unit as well as the retail gas-station network. Couche-Tard, Seven & i, and Berkshire Hathaway Inc. went on a similar spree for U.S. fuel retailers, truck stops and convenience stores in 2017. The argument for these deals is quite straightforward. Grocery retail for several decades has been shift
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