Key facts
- Couche-Tard's offer for Cumberland Farms is between $7.5 billion and $8 billion.
- Cumberland Farms' valuation target for a planned US IPO was $9 billion.
- Cumberland Farms operates over 3,200 convenience stores and fuel stations.
- TDR Capital owns 50% of Cumberland Farms; the Issa brothers hold 25% each.
Canada's Alimentation Couche-Tard has proposed an offer of $7.5 billion to $8 billion for US convenience store operator Cumberland Farms, The Times newspaper reported on Saturday. The offer is lower than Cumberland Farms' target valuation of $9 billion for a planned US initial public offering. Cumberland Farms, formerly known as EG Group, operates more than 3,200 convenience stores and fuel stations across the US and Europe. Private equity firm TDR Capital owns 50% of Cumberland Farms, while British billionaire entrepreneurs the Issa brothers each hold 25%. Cumberland Farms has delayed its planned IPO after receiving takeover interest, including from infrastructure investor Stonepeak, and remains committed to a US listing.