7-Eleven International (7IN) has entered into an agreement to acquire 7-Eleven Australia.
As part of the deal, 7-Eleven International will acquire 100% of the shares of 7-Eleven Australia for $1.71 billion in cash. The transaction is expected to be completed in the second quarter of 2024.
7-Eleven Australia operates 751 stores and is a long-standing licensee of 7-Eleven.
"The acquisition of 7-Eleven Australia demonstrates our commitment to growing 7-Eleven's operations globally," 7-Eleven International co-CEO's Shin Abe and Ken Wakabayashi said in a news release.
7-Eleven Australia has been led by the Withers and Barlow families since 1977. The company processes 250 million transactions each year and employs more than 9,000 people across the corporate and franchise network, per the release.
7IN says it plans to expand the product assortment and introduce new and diverse food products through value chain initiatives in Australia. It will also leverage “best practices” from the global 7-Eleven network to continue to “drive an exciting c-store experience for customers,” per the release.
7IN says the acquisition also furthers Tokyo-based Seven & i Holdings Co.’s (7&i) commitment to growing globally. (7IN is a joint venture between 7-Eleven, Inc. and Seven-Eleven Japan Co., which are owned by 7&i). 7&i will leverage 7-Eleven Australia's nearly 50-year business practices to enhance the 7-Eleven brand.
In addition, 7IN says this acquisition advances the 7&i's “Green Challenge 2050” goals for CO2 reduction and sustainability by “synergizing expertise and expediting the adoption of sustainable practices across local and global markets.”
"The acquisition by 7-Eleven International is a vote of confidence in our people, our strategy, and the future of 7-Eleven Australia," CEO and managing director of 7-Eleven Australia, Angus McKay, said. "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."
Globally, the 7-Eleven trademark is represented in over 84,000 stores in 20 countries and regions. 7-Eleven International master franchises and/or licenses roughly 48,000 stores in 16 countries and regions. 7-Eleven, Inc. operates, franchises and/or licenses more than 15,000 stores in the U.S., Canada and Mexico. Seven-Eleven Japan Co. operates and franchises more than 21,000 stores in Japan.