Washington – The U.S. Federal Trade Commission said Friday that Japanese retail giant Seven & I Holdings Co. has agreed to sell 293 stores in the United States in an effort to settle antitrust charges related to a convenience store chain buyout deal.
With the latest agreement, Seven & I is expected to obtain the U.S. antitrust watchdog’s approval for its deal to acquire U.S. convenience store chain Speedway LLC, to which two FTC commissioners had objected due to a possible antitrust law violation.
Of the gas stations and stores belonging to Speedway and 7-Eleven Inc., a U.S. unit of Seven & I, the FTC specified 293 stores in 20 states and demanded their sale to three U.S. firms in exchange for granting its approval for the buyout deal, according to the FTC’s announcement.
Seven & I had already announced its plan to sell the specified stores.
For a period of five years, 7-Eleven and Speedway must obtain approval from the FTC before purchasing any of the divested outlets. For 10 years, the companies must provide prior notice of future acquisitions of the divested assets and other assets identified by the FTC within the 293 local markets at issue.
The acquisition price for Speedway, which operates convenience stores across much of the U.S., had reached $21 billion.
The two FTC commissioners who issued a statement in May to stand against the buyout deal voted for the latest settlement proposal.
On Saturday, Seven & I said in a statement that “all FTC antitrust concerns have been resolved” with the latest settlement agreement. On Thursday, the company is set to announce its medium-term management plan, which will include its U.S. convenience store business strategies.
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