By Scott Murdoch and Abigail Summerville
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 A$1.71 billion ($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.
It added that it saw room for further growth by actively opening new stores in most Australian states.
(Reporting by Scott Murdoch, Abigail Summerville and Rocky Swift; Editing by Edwina Gibbs)