Seven & I Holdings has agreed to buy the 7-Eleven Australia convenience store chain business for US$1.14 billion.

The Withers and Barlow families which own 7-Eleven in Australia have been looking to sell the business since early this year and there were reports they were hoping to secure as much as $1.3 billion for it.

Seven & I Holdings owns the global 7-Eleven licence and operates the business in Japan and other markets.

In a statement released Thursday evening, 7-Eleven Stores Pty Ltd said the local business would continue to be operated from its head office in Melbourne and the current management team would continue to lead it on behalf of the new owners.

The 7-Eleven Stores in Australia is owned by the Withers and Barlow families. In 1976, they  signed the area licence agreement to bring the 7-Eleven brand to Australia, opening the first store in Oakleigh, Victoria in 1977. It has since grown to 750 stores nationwide, processing 250 million transactions annually and employing more than 9000 staff at corporate and franchise levels.

7IN co-CEOs Shin Abe and Ken Wakabayashi said the acquisition demonstrates the company’s commitment to growing the brand globally. “We are looking forward to continuing to enhance the 7-Eleven brand in Australia, which enjoys a long-standing presence and unrivalled brand recognition with customers.”

The deal is subject to regulatory approval, with completion expected in the second quarter of next year. Azure Capital and Ashurst acted as advisors.