The transaction is anticipated to close in mid 2015, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
“Tedeschi is a respected brand and this acquisition fits in perfectly with 7-Eleven’s growth strategy,” said Stan Reynolds, executive vice president and chief financial officer of 7-Eleven Inc. “This move was made possible by 7-Eleven reinvesting the return from previous successful acquisitions to continue the company’s growth as the world’s largest convenience retailer. These high-volume, high-performing locations complement our existing real estate portfolio in the Boston, Mass. and New Hampshire area.”
7-Eleven expects to extend job offers to most Tedeschi Food Shops employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance. Currently, 7-Eleven, Inc. operates and franchises 164 stores in the greater Boston area and New Hampshire.
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