Seven & I to Buy 7-Eleven Chains in Australia

REUTERS/Toru Hanai/File Photo
The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan.

SYDNEY (Reuters) — Japanese retail conglomerate Seven & i Holdings said on Thursday it has agreed to purchase the 7-Eleven convenience store chain in Australia for 1.71 billion Australian dollars (U.S. $1.1 billion), further expanding its ownership of the brand.

The Australian convenience and petrol retailer, owned by the Withers and Barlow families, kickstarted the process to sell the business — which consists of 751 stores — earlier this year.

The deal will allow Seven & i to establish “itself as the clear industry leader in the Australian convenience store market, which has significant growth potential,” the Japanese company said in a statement.