Seven & i Holdings Co on Thursday said it would buy convenience stores and petrol stations from Texas-based Sunoco LP for about $3.3-billion, as the Japanese retailer closes in on its goal to reach 10,000 North American outlets. Seven & i is building up its chain in the U.S. while President Ryuichi Isaka is paring back some businesses in Japan as part of broad restructuring in which it sold unprofitable department stores and aimed to squeeze more profit from its convenience stores. Seven & i runs general merchandise, department and specialty stores, but the bulk of its operating profit comes from convenience stores – or 86 per cent of 364.6 billion yen ($3.29-billion) in the year through February. The deal will add 1,108 gas stations and convenience stores in Texas and the eastern U.S.

Sunoco’s retail unit — which includes more than 1,300 stores — reported 2016 operating income of $103 million on revenue of $7.7 billion.
Seven & I Holdings Co., the parent company of the 7-Eleven convenience store chain, agrees to acquire the retail operations of Sunoco for $3.3 billion.