Couche-Tard eyes Cumberland Farms with up to $8bn offer
The Canadian retailer’s proposal falls short of the $9 billion valuation targeted by the former EG Group for its planned US listing.
Alimentation Couche-Tard has proposed an offer of $7.5 billion to $8 billion for Cumberland Farms, the US convenience store operator formerly known as EG Group, as reported by Britain's Times newspaper. The offer is below the $9 billion valuation Cumberland Farms had targeted for a planned initial public offering in the US.
Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the US and Europe. Private equity firm TDR Capital owns 50% of the company, while British billionaire brothers Mohsin and Zuber Issa hold 25% each.
According to The Times, Cumberland Farms delayed its IPO after receiving takeover interest, including from infrastructure investor Stonepeak. However, people close to the company said it “remained committed to a US listing”.
The reported approach is the latest in a series of large moves by the Circle K operator. In July 2025, Couche-Tard withdrew its proposal to acquire 7-Eleven owner Seven & i Holdings. A year later, it agreed to acquire Poland’s Żabka Group for about US$8.6 billion, the largest deal in its history.
