Latest news with #CircleK
CBS News
20 hours ago
- Business
- CBS News
GetGo's sale to Canadian-based convenience store company approved by Federal Trade Commission
Giant Eagle's sale of its GetGo Café + Market sites to a Canadian-based convenience store company was approved by the Federal Trade Commission. The $1.57 billion acquisition by Alimentation Couche-Tard, which operates Circle K gas stations, would give the company control of Giant Eagle's 270 GetGo locations across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. But the FTC said Couche-Tard must first get rid of 35 gas stations it already owns to protect people in our area from higher gas prices. Couche-Tard already operates more than 7,000 stores nationwide, which is why the FTC said the company needs to divest 35 gas stations to Majors Management, so there is no conflict of interest. The FTC did not want this acquisition to lead to high gas prices because right now Couche-Tard's gas stations closely compete with the GetGos in Pennsylvania, Ohio and Indiana. Couche-Tard will get 20 days after the acquisition to drop those 35 stores. Right now, the public can give their opinions on the sale for the next 30 days. After that, the FTV will read all the comments and make a final decision. Following the final sale, Giant Eagle said they have agreed to partner with Couche-Tard to continue the popular myPerks loyalty program across Giant Eagle and GetGo locations. They also plan to explore "opportunities to expand the program." And now, Giant Eagle says it can forget about gas and focus on lower prices in their grocery stores and pharmacies, opening new store locations and remodeling old ones.
Techday NZ
2 days ago
- Business
- Techday NZ
ReliaQuest launches GreyMatter automation to speed threat response
ReliaQuest has introduced GreyMatter Workflows, a capability designed to accelerate the detection and containment of security threats by automating operational workflows within its GreyMatter platform. GreyMatter Workflows enables customers to create business-specific automated processes using a no-code, drag-and-drop interface. This functionality aims to reduce the manual effort involved in security operations and enhance response speeds across complex threat environments. Workflow automation The new feature is integrated natively with ReliaQuest's AI-driven security operations platform and automates essential tasks across detection, containment, investigation, and response activities within existing technology infrastructures. GreyMatter Workflows extends automation beyond traditional security tools, facilitating direct interaction with other business units and end users. It also offers integration with services such as Microsoft Teams and Slack, enabling more comprehensive threat verification and communication capabilities. Pre-built workflow templates are provided, based on frequent use cases observed among ReliaQuest's enterprise clients, and can be further customised to suit unique organisational requirements. Security teams can develop and deploy automation processes with zero-code design from initial implementation, and have the option to use AI Agents for more tailored adjustments throughout investigative workstreams. According to ReliaQuest, the adoption of GreyMatter Workflows leads to a reduction in operational complexity, diminishes the need for manual intervention, and shortens incident response times. Customers reportedly experience a 64% decrease in Mean Time to Respond (MTTR) and are able to eliminate more than half of manual response tasks. Customer and industry response "The threat landscape is accelerating, but the operational workflows used to detect and contain those threats haven't kept up," said Brian Foster, President of Product and Technical Operations at ReliaQuest. "Security teams need the ability to automate complex workflows quickly, so they can focus more on managing threats and less on managing tools. GreyMatter Workflows gives our customers the ability to build powerful end-to-end automations to unify all phases of security operations, without leaving the platform." Pat O'Keefe, Head of Global Security Operations and Risk Management at Circle K, commented on the significance of rapid threat management, particularly for organisations with substantial and dispersed operational footprints. "Detecting and containing threats quickly has never been more important in cybersecurity, especially for a business like ours that is distributed across hundreds of locations around the world," said Pat O'Keefe. "Being able to extend our automation capabilities further into our business will help us stay proactive in protecting our brand." Bo Olsen, Security Engineering Manager at Eastern Bank, discussed the evolving direction of daily security operations, emphasising automation as a key priority to allocate resources toward more strategic objectives. "As we look to what's next in cybersecurity, we plan to automate as much as possible of the day-to-day security operations processes so we can spend more time on what matters most to our business," said Bo Olsen. "We can't achieve that level of efficiency with traditional SOAR – an expensive add-on that doesn't deliver the outcomes we really need." Platform details The GreyMatter platform utilises ReliaQuest's Universal Translator, detection-at-source, and Agentic AI components to facilitate connectivity and threat management across cloud, multi-cloud, and on-premises environments. The introduction of Workflows supports ReliaQuest's objective of enabling tailored security outcomes for organisations with differing technology architectures and business needs. With over 1,000 customers and 1,200 staff across six global locations, ReliaQuest continues to offer capabilities in security operations that address the responsiveness and efficiency demands faced by enterprises amid dynamic cybersecurity challenges.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Couche-Tard cagey about the likelihood of 7-Eleven takeover
Alimentation Couche-Tard Inc. ATD-T, the Canadian convenience store giant trying to take over 7-Eleven, says it has started talks with its Japanese rival on a possible deal even as it faces a challenging U.S. retail environment that is hurting its financial results. Couche-Tard, which is based in Laval, Que., and controls the retail banner Circle K, struck a non-disclosure agreement with 7-Eleven parent Seven & i Holdings Co. Ltd. in April, a crucial step. On a call Thursday to discuss fourth-quarter earnings, Couche-Tard chief executive Alex Miller declined to comment on the likelihood of a deal but said he does not expect the process to drag on indefinitely. 'We are engaged' with Seven & i, Mr. Miller said. 'We've signed the NDA, we are engaged in diligence, we are engaged in management meetings, we are engaged on the divestiture. And I think the benefit of that is it's setting a timeline … And I believe that timeline will be shorter rather than longer.' It would be a monster merger, combining the two biggest convenience store players in the United States. The rivals have also been working together with investment bankers and lawyers on securing buyers for stores they might have to sell to satisfy competition concerns – an estimated 2,000 U.S. locations. Analysts see private equity firms as the likely buyers. Couche-Tard said earlier this month that it was confident it had a clear path to regulatory approval, according to an update posted on a special website set up for its bid effort. 'We have received multiple indicative proposals from highly experienced and credible buyers,' the company said. Seven & i has said Couche-Tard is playing down the antitrust risks of a potential merger and vowed it won't be drawn into limbo for years as regulators decide its fate. The Japanese company has said its directors have always been open to a merger or go-private transaction, but only if there's a high certainty that a deal will close. Tokyo-based Seven & i is pursuing a dual-track effort in its bid to create value for shareholders: exploring a possible sale to Couche-Tard or going it alone as a more focused business. As part of its plans to remain independent, it is selling its underperforming supermarkets and plans to list a portion of its U.S. retail operation to fund a massive stock buyback. Couche-Tard's current offer for Seven & i is worth about 7.4-trillion yen (US$51-billion). Company founder and chairman Alain Bouchard has dangled the possibility of sweetening that amount based on the results of due diligence. The sheer size of the potential takeover has scared some Couche-Tard investors, who've expressed concerns about equity dilution if a big sale of shares is needed to fund the deal. The shares are down 19 per cent from their 52-week high. At the moment, the key issue for Couche-Tard is that the company is 'not delivering growth that investors have become accustomed to, it is not repurchasing shares, and there is an equity issuance overhang,' National Bank of Canada analyst Vishal Shreedhar said in a June 4 research note. 'We anticipate these issues to resolve over the near term.' Couche-Tard generated an adjusted profit of US$441-million, or 46 US cents per share, on revenue of US$16.3-billion for its latest quarter, just slightly off the 47 US cents per share that analysts had estimated. The company was hurt in particular by weaker demand for gasoline and in-store merchandise in the U.S., while its performance in Canada and Europe was stronger. 'The convenience store channel has lost market share against other channels, in our view, as frugal consumers seek value and look to stretch their dollars,' Stifel analyst Martin Landry said in a note. The company's merchandise same-store sales have now declined year-over-year for seven consecutive quarters, he said.
Business Times
3 days ago
- Business
- Business Times
Circle K owner misses estimates on lower fuel prices, demand
[TORONTO] Circle K owner Alimentation Couche-Tard slightly missed earnings estimates for its fiscal fourth quarter earnings because of lower fuel demand. The Canadian convenience store and fuel retailer earned 46 US cents per share on an adjusted basis, according to a statement on Wednesday (Jun 25), a penny short of the 47 US cents estimated by analysts in a Bloomberg survey. Revenue in the quarter was US$16.3 billion, down 7.5 per cent from last year, mainly due to lower fuel prices and weaker gas demand in the US. However, the fuel business maintained its market share in the country, the company said. 'In the face of difficult economic and geopolitical conditions, we held the line in same-store sales in the United States and had strong positive results in Canada and Europe,' chief executive officer Alex Miller said. Same-store merchandise revenues fell by 0.4 per cent in the US, Couche-Tard's most important market, but grew by 3.5 per cent in Canada and by 3.4 per cent in Europe and other regions. Same-store fuel volumes were down by 1.9 per cent in the US and 0.6 per cent in Europe, but Canada saw a 3.7 per cent increase. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It's the first earnings report for Couche-Tard since it signed a non-disclosure agreement with Japanese competitor Seven & i Holdings, which it has been pursuing. Couche-Tard has offered about US$50 billion but has not been able to win over the board of the company that owns 7-Eleven, Speedway and other chains. If successful, it would be the largest foreign acquisition of a Japanese company in history. The earnings statement did not say anything about the Seven & i deal. Earlier this month, Couche-Tard expressed optimism about the prospects for a deal after it received proposals from buyers interested in acquiring more than 2,000 US convenience stores. The company would need to divest those stores, if it's able to take over Seven & i, to assuage US Federal Trade Commission antitrust concerns. Couche-Tard shares are down 14 per cent this year and have underperformed the Canadian stocks benchmark as investors contemplate the potential deal while also weighing evidence of reduced consumer activity. 'The US convenience store industry does not appear to have turned the corner,' Stifel Financial analyst Martin Landry said in a report last month in which he trimmed his price target on the shares to C$84. A stronger Canadian dollar is also a headwind for earnings, Landry said. JP Morgan Chase analyst John M Royall also cut his price target to C$84 recently, similarly citing the appreciation of the loonie. Couche-Tard shares closed at C$68.81 in Toronto on Wednesday. BLOOMBERG
Bloomberg
3 days ago
- Business
- Bloomberg
Circle K Owner Misses Estimates on Lower Fuel Prices, Demand
Circle K owner Alimentation Couche-Tard Inc. slightly missed earnings estimates for its fiscal fourth quarter earnings because of lower fuel demand. The Canadian convenience store and fuel retailer earned 46 cents per share on an adjusted basis, according to a statement Wednesday, a penny short of the 47 cents estimated by analysts in a Bloomberg survey.
