7 & i to buy Sunoco stores and petrol station business

Japan’s Seven & i Holdings is continuing its US shopping spree, announcing it will buy parts of Sunoco’s convenience store and petrol station business for $3.3bn.

The announcement came as the conglomerate reported a 1 per cent rise in net income for the 12 months to February 28 of ¥73.55bn ($665m).

Seven & i, which was distracted last year by pressure from activist investor Daniel Loeb as well as a nasty boardroom spat, is in the midst of shifting its focus away from a shrinking and ageing domestic market.

The company said last year it would divest some of its struggling department stores in the western part of Japan and focus on the main Tokyo area.

Sunoco operates 1,108 petrol stations and convenience stores across the US

In June last year, 7-Eleven, the US arm of Seven & i, agreed to buy 79 gas stations and convenience stores in California and Wyoming from CST Brands, a US-based convenience store and petrol station owner.