Australian 7-Eleven convenience stores sold to overseas parent in $1.7 billion deal

The chain of 7-Eleven convenience stores in Australia are being sold to the Japanese parent company in a deal worth $1.7 billion.

The Australian business began with one Melbourne store in 1977 and expanded to a network of 752 convenience shops across New South Wales, Victoria, the Australian Capital Territory, Queensland and Western Australia.

The company employs more than 9000 people across the corporate and franchise network.

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News of the sale to Seven-Eleven Japan by the Withers and Barlow families in a deal worth $1.71 billion was first reported by the Australian Financial Review.

In a statement on behalf of the shareholders of 7-Eleven Australia, Russell Withers said it was the "right time" to sell the business.

"The company has made significant progress in recent years on several fronts and is performing well under a highly credentialed management team. Now is the right time for our families to pass the business to new owners to continue to build and develop this wonderful brand," he said.

"We are confident that 7IN will be strong custodians of the business and support the future growth and success of 7-Eleven as the first choice in convenience retailing in Australia."

The current management team will continue to lead the business under new ownership.

Seven-Eleven Japan said it plans to "enhance the 7-Eleven brand in Australia".

The sale is subject to regulatory approval.