Mergers & Acquisitions

Amazon has completed its acquisition of e-commerce company souq.com, a leader in the Middle East's online shopping market. The deal, which was initially announced in March, closed for $580 million in cash, according to filings with the United States Securities and Exchange Commission.   

West Marine Inc. is going private.   The retailer of boating gear, apparel and other waterlife-related products has agreed to be acquired by New York-based Monomoy Capital Partners for $12.97 per share. The deal has a total equity value of $338 million.  Following the close of the deal, West Marine will continue to be operated independently by the company's management team.  

Camping World Holdings has given an update on its plans for Gander Mountain.   Camping World, which acquired the assets of Gander Mountain and boating division Overton's in a bankruptcy auction in May, said it plans to operate 57 locations — assuming details can be worked out with landlords and final acceptable leases agreed to. Liquidation sales started in May at all 160 Gander stores.   

Walgreens Boots Alliance has announced a new Rite Aid deal, effectively ending its nearly two-year quest to acquire the Camp Hill, Pa.-based drug store chain. The divestiture agreement with Fred's Pharmacy, whereby Fred's would buy 865 stores, is also terminated.  

The news that Walgreens is to scrap its $9.4 billion merger with Rite Aid is unsurprising. The glacial pace of the Federal Trade Commission investigation and increasing signals that the federal government would disallow the merger have forced a rethink.  

Alimentation Couche-Tard has closed on the biggest transaction in its history.    The Canadian company announced that it has completed its $4.4 billion acquisition of CST Brands. The deal will add approximately 1,300 stores to the Couche-Tard portfolio, including 666 locations in Texas.   

Sycamore Partners has a plan for its newest retail acquisition, Staples.   The private equity firm, which purchased the office supply giant for $6.9 billion on Wednesday, plans to divide the chain into three separately financed units: U.S. retail; Canadian retail; and corporate-supply businesses, reported The Wall Street Journal reported. The three units will all remain under the same corporate umbrella.  

The drug store industry awoke Thursday morning to arguably the biggest story of the year — the news that Walgreens and Rite Aid had agreed to scrap their original merger agreement one more time, this time in favor of a much smaller, seemingly more manageable deal to purchase 2,186 Rite Aid stores for $5.18 billion in cash.    In the first several hours following the announcement of the deal, Chain Store Age sister publication, Drug Store News identified five important takeaways from the blockbuster agreement. 

Fred’s Pharmacy is taking action to protect itself as the deadline for the Federal Trade Commission’s decision on Walgreens Boot Alliance’s proposed acquisition of Rite Aid merger draws closer.  

QuikTrip Corp. is expanding into two new markets.   The convenience-store chain plans to open a total of 100 stores in the San Antonio and Austin (Texas) areas. Construction is expected to begin this winter, with the first locations scheduled to open in the summer of 2018.   The expansion marks QuikTrip's first new market entry in six years. In 2011, the company launched its Carolinas division, adding 75 stores in Charlotte, North Carolina and Greenville, South Carolina.