7-Eleven Australia has been acquired by the parent company, 7-Eleven globally, for a tasty $1.71 billion.
👉 Background: 7-Eleven made its way to Australia in 1977 when two Australian families gained license to the business. It has grown to over 750 stores across Australia and has generated over $5.3 billion in revenue last year.
👉 What happened: Earlier this year, the owners of 7-Eleven Australia put it up for sale. And now, 7-Eleven Australia has been acquired by the parent company, 7-Eleven globally, for a tasty $1.71 billion.
👉 What else: This was well below the early estimates of $3 billion. But, it seems like there isn't much appetite for gas-guzzling convenience stores right now.
💡Investors make decisions today that will hold them in good stead for the future. But the future of petrol stations is very uncertain right now.
💡On top of that, electric car sales have tripled in Australia in 2023, which means a decline in fuel in the future. Both of these factors meant that 7-Eleven wasn't a dream acquisition for many investors.
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