Seven & I, which operates 7-Eleven, is set to buy Sunoco's US convenience stores for $3.3bn

 
Courtney Goldsmith
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The Japanese group makes the bulk of its profit on convenience stores (Source: Getty)

Japanese retailer Seven & I has agreed to buy the majority of Sunoco's US convenience stores and petrol stations for around $3.3bn (£2.64bn).

The operator of the 7-Eleven chain will acquire around 1,100 convenience stores and petrol stations in Texas and other states from the US petroleum company. The deal is expected to be completed in August.

Seven & I, which also runs general merchandising stores, department stores and specialty shops, made the bulk of its operating profit (86 per cent) from convenience stores last year.

Read more: Convenience store openings up by a fifth

The group's US unit, 7-Eleven, recently acquired 79 stores in California and Wyoming as the business works to boost its presence in America. This will be its biggest deal to date as it works to increase its number of stores to 10,000 by 2019.

​Seven & I operates around 19,400 7-Eleven stores in Japan and 8,700 in the US and Canada, including franchises.

Sunoco currently operates around 1,350 retail fuel sites and convenience stores under brands including APlus and Stripes.

Read more: Convenience retailers spend £177m on shops

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