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7-Eleven International has entered an agreement to acquire 100% of the shares of 7-Eleven Australia, an independent convenience store chain in the country, for AUD $1.71 billion (approx. $1.13 billion) in cash.

According to the company, 7-Eleven Australia runs 751 local stores and is a long-standing licensee of 7-Eleven. 7-Eleven International's co-CEOs, Shin Abe and Ken Wakabayashi, said: "The acquisition of 7-Eleven Australia demonstrates our commitment to growing 7-Eleven's operations globally. We are looking forward to continuing to enhance the 7-Eleven brand in Australia, which enjoys a long-standing presence and unrivalled brand recognition with customers."

Since 1977, the Withers and Barlow families have been overseeing 7-Eleven Australia. The company handles 250 million transactions annually and has a workforce of over 9,000 individuals across its corporate and franchise network. The acquisition reinforces Japanese trading firm Seven & i Holdings Co (7&i) commitment to global growth. 7&i will use its business expertise to "further enhance" the 7-Eleven brand. In addition, 7-Eleven International said the deal will increase its position in Australia, leveraging growth opportunities fueled by a youthful and diverse population. 7-Eleven International plans to expand 7-Eleven Australia's product range by introducing new food items to cater to the country's diverse food preferences.

The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to be completed in the second quarter of 2024. 7-Eleven Australia's CEO and managing director, Angus McKay, commented: "The acquisition by 7-Eleven International is a vote of confidence in our people, our strategy and the future of 7-Eleven Australia. The business has strong momentum and an exciting outlook for growth. Our customers will continue to come first, and we will remain focused on the transformation of our total merchandise and fuel offer, the evolution of our convenient food proposition, digital and format innovation, as well as the rollout of new stores." Last week, 7-Eleven acquired “certain assets” of Calgary-based food distributor Wallace & Carey.