Seven & i Holdings, the Japanese conglomerate known for its 7-Eleven convenience stores, has been at the center of significant acquisition discussions. In late 2024, Canada’s Alimentation Couche-Tard proposed a $47 billion takeover bid, which led the founding Ito family to consider a management buyout (MBO) to retain control. The Ito family sought support from various investors, including Japanese trading house Itochu Corporation.
Initially, Itochu contemplated investing approximately 1 trillion yen ($6.69 billion) into the MBO. However, by February 2025, Itochu decided against participating, citing limited synergies between its existing food and beverage operations and Seven & i’s business. Additionally, Itochu’s ownership of FamilyMart, a direct competitor to 7-Eleven, posed potential conflicts. Despite Itochu’s withdrawal, the Ito family continued to explore partnerships with private equity firms, such as Apollo Global Management, to pursue the buyout. This now appears to have been halted.
This development underscores the complexities of large-scale acquisitions in Japan, especially when balancing domestic interests with foreign investment proposals.