SYDNEY, Nov 30 (Reuters) - Japanese retail conglomerate Seven & i Holdings (3382.T) 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. Seven & i's corporate predecessor first licensed the 7-Eleven franchise from U.S.-based Southland Corp in 1973. But the Japanese conglomerate later took over the U.S. company in 1991 and now controls more than 80,000 7-Eleven convenience stores around the globe.
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