08:51 AM EDT, 08/19/2024 (MT Newswires) -- Circle K operator Alimentation Couche-Tard Inc. ( ANCTF ) , a global player in convenience stores, said Monday it has reached a definitive agreement to acquire GetGo Cafe +Markets from supermarket retailer Giant Eagle. The companies are not disclosing the financial terms of the transaction.

A statement noted GetGo employs approximately 3,500 employees and operates approximately 270 convenience retail and fueling locations across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. GetGo has a variety of models from open-concept stores to stand-alone kiosks. As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle's myPerks loyalty program.

Monday's statement said the acquisition is expected to close in calendar year 2025 subject to standard regulatory approval and closing conditions and will be financed using the company's available cash and/or existing credit facilities, including its U.S. Commercial Paper Program.

This comes after Couche-Tard confirmed Monday that it recently submitted a friendly, non-binding proposal to Seven & i Holdings Co., Ltd.

The company in a statement said it is "focused on reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders".

It added: "There can be no certainty at this stage that any agreement or transaction will be reached. The company does not anticipate issuing any further public statements regarding discussions with Seven & i unless or until an agreement is reached."

This comes after Bloomberg News reported that Couche-Tard had made a proposal to take over much larger rival and 7-Eleven owner Seven & i Holdings Co., in what would be the biggest foreign takeover of a Japanese company. A merger would create a global network of roughly 100,000 convenience stores, the world's biggest, Bloomberg said.

Valued at the equivalent of $31 billion before news of the offer emerged, Seven & i shares jumped 23% on Monday. Bloomberg cited it as saying the bid was preliminary and non-binding, without disclosing terms. A special committee of independent outside directors will make a "prompt, careful and comprehensive review of the proposal," Seven & i said in a statement.

Bloomberg noted that although Couche-Tard is smaller than Seven & i, with about 14,000 stores compared with more than 85,000 for the Japanese retailer, the Canadian company enjoys a bigger valuation of about $58.5 billion.

Bloomberg said foreign takeovers of Japanese companies are extremely rare, but recent changes in guidelines for merger and acquisition proposals, and activist investors pushing companies to boost value - including at Seven & i - could boost the odds of a deal that would create a global convenience-store behemoth.