Wawa is celebrating its 25th birthday.
The chain, which had been the nation’s largest lottery retailer until the end of the year, announced plans Friday to merge with a new company that will acquire the entire company and merge it with the larger lottery retailer, Wanda Corp. The move marks a major shift in the lottery industry, which was once dominated by a handful of companies that were the largest in the U.S. and Canada.
The merger will create a combined company with the largest revenue of any lottery company, and will be the largest single-day spend in Wawa’s history.
“We’re really pleased to announce that we’re moving forward,” said Chris Wiggett, chairman of Wawa.
“Our new company will be even bigger and better than the Wawa we have today.
It will bring Wawa to a whole new level of profitability, with the potential to deliver even more value and better value for our customers.”
The announcement comes as Wawa and other companies are battling with Amazon, which has a massive share of the U,S.
Amazon is also looking to expand its online business, which will become even bigger as the company’s online presence expands.
Wawa said it would not disclose the new company’s financial results.
The company’s shares closed down about 7% to $1.39, while Amazon shares rose almost 4%.