Couche-Tard Bids $7.5B-$8B for Issa Brothers' Cumberland Farms

Canadian retail giant Couche-Tard has tabled an offer of between $7.5 billion and $8 billion for Cumberland Farms, the petrol station and convenience store empire founded by billionaire brothers Mohsin and Zuber Issa. The bid marks a steep discount to the $9 billion valuation the company had targeted for a planned US stock market listing, which was shelved amid recent market turmoil. The $7.5 billion figure is roughly half the $16 billion valuation placed on the business, formerly known as EG Group, when Couche-Tard first held takeover talks in 2022. The Issa brothers each hold 25% of Cumberland Farms, with private equity firm TDR Capital owning the remaining 50%. The company operates 3,300 sites across Europe and the US. The brothers built the business from a single BP petrol station in Bury, Greater Manchester, bought in 2001, pioneering forecourt brands including Starbucks, Subway and KFC. EG Group has been selling assets to reduce a $5.8 billion debt burden ahead of any initial public offering. Cumberland Farms declined to comment; Couche-Tard did not respond to a request for comment.