TOKYO, JAPAN, 2016-Jun-06 — /EPR Retail News/ — 7-Eleven, Inc. (headquarters: Texas, U.S.; President and Chief Executive Officer, Joseph M. DePinto), a subsidiary of Seven & i Holdings Co., Ltd., signed an agreement to acquire stores from CST Brands, Inc. Details of the agreement are provided below:
1. Purpose of the agreement
7-Eleven, Inc. has been increasing its merchandise capabilities and expanding its store network in North America. This agreement is intended to contribute to higher revenues and profits from convenience store operations in the region. Through this acquisition, 7-Eleven, Inc. aims to further expand the store network and improve convenience in California, U.S. where it has existing stores.
2. Overview of the stores to be acquired
(1) Area: California and Wyoming, U.S. (2) Number of stores: 79 gas stations and convenience stores
3. Overview of CST Brands, Inc.
(1) Name: CST Brands, Inc.
(2) Representative: Chairman, President and CEO, Kim Lubel
(3) Location of headquarters: Texas, U.S.
(4) Major business activities: Operation of fuel retail and convenience store business
4. Schedule of acquisition
Handover date of stores (plan): Early July, 2016
The agreement will have only a minimal effect on the Company’s consolidated results for the fiscal year ending February 28, 2017, but this asset purchase is expected to contribute to profits over the medium to long-term.