Commission requires divestitures before merger of Circle K and GetGo stations.
The Federal Trade Commission has finalized a consent order resolving antitrust concerns raised by Alimentation Couche-Tard Inc.’s (ACT) $1.57 billion acquisition of 270 retail fuel outlets from Giant Eagle, Inc., which currently operate under the GetGo brand. Operating more than 7,100 stores primarily under the Circle K brand, ACT agreed to divestitures to address competition concerns.
Following its investigation the FTC voted 2-to-0 that the acquisition could substantially lessen competition and lead to higher fuel prices for consumers in Indiana, Ohio, and Pennsylvania. The Commission required ACT to divest 35 retail gasoline and diesel fuel stations to Majors Management, LLC.
Antitrust Division’s Key Terms
- Divestiture: ACT must transfer specified fuel outlets and related assets to Majors Management within 20 days. Additional assets must be divested if needed for competitive operation.
- Transition Support: ACT must assist Majors Management to ensure smooth operations of divested stations.
- Employee Protections: ACT must allow Majors Management to evaluate and hire staff, remove non-compete clauses, and avoid interfering with hiring.
- Maintain Viability: Until divestiture is complete, ACT must keep outlets competitive, preserving supplier/customer relationships, staffing, and marketing.
- Compliance Oversight: FTC may appoint a monitor and require regular reports; failure to comply can result in a divestiture trustee.
Who are the competitors in the retail fuel market?
The U.S. fuel-related convenience store market generates about $532 billion in fuel sales annually. The largest chains—such as 7-Eleven, Circle K, Casey’s, Murphy USA, Wawa, QuikTrip, and EG America—account for less than half of that total. While these big players dominate brand recognition and operate thousands of outlets, the majority of fuel sales come from independent operators and smaller regional chains, which collectively represent hundreds of billions in revenue.
Alimentation Couche-Tard (Circle K) – Based in Quebec, ACT operates 5,833 retail fuel outlets in the United States, with annual sales of about $72.4 billion and a workforce of roughly 146,000 employees worldwide. The company faces competition from several large convenience and fuel retailers, including 7-Eleven, Casey’s General Stores, Wawa, Murphy USA, and QuikTrip. All of Giant Eagle’s 270 GetGo stores now belong to ACT. The company also explored a major merger with Speedway in 2021, but that company went to 7-Eleven.
Giant Eagle (GetGo) – The company’s fuel outlets numbered around 270 locations prior to their sale, with Giant Eagle’s total annual sales estimated at $11.1 billion and approximately 36,000 employees. GetGo competes with regional and national chains such as Kroger, Safeway, Sheetz, and Circle K. Giant Eagle is based in Pennsylvania.
Majors Management – Based in Georgia, the company operates 252 retail fuel outlets, with annual sales of approximately $13.4 million and a staff of more than 130. Majors Management operates in a competitive landscape alongside Circle K, 7-Eleven, Murphy USA, and QuikTrip. The company has grown through acquisitions, including the purchase of Chile-based MAPCO stores in 2023 and now the acquisition of diesel fuel outlets from Giant Eagle and ACT.
7-Eleven – With a Tokyo-based parent and Texas headquarters, 7-Eleven is one of the largest convenience store chains in the United States. It operates about 12,414 retail outlets, with annual sales of $87 billion and more than 50,000 employees. 7-Eleven competes with Circle K, Wawa, Casey’s General Stores, and QuikTrip. In 2021, 7-Eleven purchased Speedway, adding 3,800 stores to its network.
Casey’s General Stores – The company operates more than 2,600 retail outlets, with annual sales of $15 billion and a workforce exceeding 40,000. Casey’s competes with Circle K, 7-Eleven, and Murphy USA, particularly in the Midwest. The company expanded its reach in 2024 by acquiring 200 CEFCO stores.
Murphy USA – Based in Iowa, the company operates more than 1,700 retail fuel outlets, with annual sales of $23 billion and 15,000 employees. Murphy USA’s main competitors include Circle K, 7-Eleven, and QuikTrip. In 2024, Murphy USA acquired QuickChek, adding 150 stores to its portfolio.
Wawa Inc. – Based in the Pennsylvania town that inspired its name, Wawa operates 1,096 retail outlets, with annual sales of $15 billion and more than 38,000 employees. Wawa faces competition from Sheetz, Circle K, and 7-Eleven, especially in the Mid-Atlantic and Northeast regions. The company has been expanding into the Midwest and South in recent years.
QuikTrip – The firm operates 1,118 retail outlets, with annual sales of $11 billion and a workforce of 24,000 employees. With headquarters in Oklahoma, QuikTrip competes with Circle K, 7-Eleven, and Casey’s General Stores. In 2024, QuikTrip entered new markets in Ohio and Nevada.
EG America – The company operates1,405 retail outlets, with annual sales of $6 billion and more than 18,000 employees. With an English parent, the company’s U.S. brands include Certified Oil, Fastrac, Kwik Shop, Loaf N’ Jug, Minit Mart, Quik Stop, Sprint Food Stores, Tom Thumb, and Turkey Hill. Competitors include Circle K, 7-Eleven, and Murphy USA. In 2023, EG America sold several of its stores in the Midwest.
Conclusion
As the FTC observed, big retail fuel chains can achieve regional dominance through dense store networks, strategic acquisitions, and economies of scale. This mix of national fragmentation and regional concentration keeps competition intense and illustrates how free-market dynamics allow both large and small players to thrive.
Edited by Tom Hagy, Editor-in-Chief, Mogin Law Blog
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