Couche-Tard Smaller Deals After 7-Eleven Bid Cancellation
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By Tara Deschamps, The Canadian Press
Published: July 17, 2025
(TSX:ATD)
Couche-Tard, the global convenience store giant, is poised to continue its aggressive acquisition strategy despite recent high-profile deal failures, according to industry analysts. While the company recently saw its bid for Seven & i Holdings, the parent company of the 7-Eleven chain, fall through, experts believe this setback will not deter Couche-Tard from pursuing future growth opportunities.
Following the Seven & i disappointment, analysts anticipate Couche-Tard will likely resume its share buyback programs. “They would be well received by investors and could bring some momentum to the company’s stock price,” noted industry observer Landry. This move signals confidence in the company’s financial health and its commitment to shareholder value.
Furthermore, Couche-Tard is expected to maintain its robust acquisition pipeline. Over the past two decades, the company has a proven track record, having successfully closed on an extraordinary 75 deals.This consistent M&A activity underscores Couche-Tard’s strategic approach to expanding its global footprint and market share.
Notable Deals that Got Away
While Couche-Tard boasts a strong acquisition history, there have been a few notable instances where deals did not materialize.In 2020, the company attempted to acquire Australian fuel retailer Caltex Australia Ltd. for US$5.8 billion, but ultimately walked away as the COVID-19 pandemic began to unfold.
More recently, in 2021, Couche-Tard expressed interest in acquiring French grocer Carrefour SA. However,this potential $25-billion deal was scuttled when French finance minister Bruno Le Maire voiced concerns about food security,preventing the transaction from proceeding.
The Seven & i Deal: A Blip, Not a Roadblock
Despite the failure to acquire Seven & i Holdings, analysts like Madden do not believe this signifies an inability for Couche-Tard to execute significant deals.”They earned the right to pursue 7-eleven,” Madden commented, highlighting Couche-Tard’s strong operational performance in the convenience store sector. In contrast, Seven & i has grappled with activist investors, declining shareholder value, and now, a deal that did not close.
Madden further suggested that while no other acquisition targets currently rival the scale of Seven & i, Couche-Tard is unlikely to be permanently deterred. “I don’t think they’re going to feel gun-to-the-head compelled to do that instantly in the wake of this experience,” he stated. “But I think they’ll keep blocking and tackling and buying.”
Future Growth Avenues: Europe and Asia
Looking ahead, Couche-Tard may focus on densifying its presence in Western Europe or expanding its foothold in Asia. The company already operates Circle K convenience stores in Indonesia and Vietnam, indicating a strategic interest in the region.
“That could be another possible avenue,” Madden speculated, “but I don’t think they’re going to feel gun-to-the-head compelled to do that immediately in the wake of this experience. But I think they’ll keep blocking and tackling and buying.” this forward-looking perspective suggests a continued commitment to strategic growth, even after navigating the complexities of major acquisition attempts.