Japan's Seven & i Holdings, the parent company of the 7-Eleven convenience store chain, has announced the sale of its supermarket assets to Bain Capital for approximately $5.4 billion. This announcement came shortly after the company appointed Stephen Dacus as its new president and CEO.

In addition to the asset sale, Seven & i plans to launch an initial public offering (IPO) for its North American convenience store business, 7-Eleven or SEI, by the end of 2026. The proceeds from both the IPO and the sale to Bain will be used for share buybacks totaling 2 trillion yen, equivalent to $5.4 billion, aimed at returning value to shareholders.

Following the announcement, Seven & i's stock price rose by 6.1% in Tokyo. This move comes after the company rejected a takeover bid from Canada’s Alimentation Couche-Tard, which Dacus criticized for undervaluing the convenience store business and not adequately addressing U.S. regulatory issues.

The 7-Eleven franchise operates around 86,000 stores across the U.S., Japan, and other Asian countries. Last year, Seven & i initiated a restructuring plan to enhance its U.S. operations, which included closing several Ito-Yokado supermarkets in Japan. The 7-Eleven stores remain a staple in Japanese neighborhoods, having largely replaced traditional mom-and-pop shops.

Previously, Seven & i sold its Sogo & Seibu department stores in Japan to Fortress Investment Group for $1.5 billion and is also looking to reduce its stake in Seven Bank.