CMS signs partnership with law firms in Brazil and Mozambique
CMS continues to strengthen its presence in Africa and South America with the partnerships with FAS Advogados, in Brazil, and Couto, Graça e Associados - CGA, in Mozambique
The acquisition is the year’s second-largest so far.
In a jumbo deal that could set a standard for major M&A in H2 of 2020, 7-Eleven is acquiring fellow convenience store behemoth Speedway from Marathon Petroleum for $21 billion in cash.
This is a significant addition to 7-Eleven’s portfolio, adding 3,900 new stores and gas stations to 7-Eleven’s current total of 9,800 – a 150% increase in roadside assets. It is the largest acquisition in 7-Eleven’s 93-year history. Indeed, after Aon’s $30 billion purchase of Willis Towers Watson (which we covered here), it is the second-largest of 2020 so far.
The acquisition will strengthen 7-Eleven’s presence particularly in the Midwest and on the East Coast; Speedway stores and gas stations are currently located across 35 states, but there is little overlap between the two brands. 7-Eleven, which is hoping for synergies of over $500 million by the three-year mark, will be present in 47 of the US’s 50 most populated metropolitan areas.
Marathon Petroleum will continue to sell consumables via its convenience stores SuperAmerica, am/pm and Giant. Its move comes after activist investor Elliott Management pressured it into spinning off Speedways. Meanwhile, 7-Eleven’s owner, Seven & i Holdings, is Japan’s largest convenience store conglomerate; the transaction is a win for the Japanese giant, which is keen to expand out of a contracting domestic market.
Legal advisor to 7-Eleven: Akin Gump Strauss Hauer & Feld
Financial advisor to 7-Eleven: Nomura Securities International; Credit Suisse
Legal advisor to Marathon Petroleum: Wachtell, Lipton, Rosen & Katz
Financial advisor to Marathon Petroleum: Barclays
CMS continues to strengthen its presence in Africa and South America with the partnerships with FAS Advogados, in Brazil, and Couto, Graça e Associados - CGA, in Mozambique
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