Seven & i Holdings Co said Thursday it will postpone the listing of its U.S. 7-Eleven convenience store business unit from its planned schedule in 2026 to fiscal 2027.
In pushing back the initial public offering, the Japanese operator of the Seven-Eleven convenience store chain cited uncertainty in market conditions amid the U.S.-Israeli war against Iran that has disrupted energy supplies.
Stephen Dacus, president of the conglomerate, said at a press conference that the listing of its U.S. convenience store business will proceed once the market conditions improve in the country.
According to Seven & i, proceeds from the initial public offering are set to be used to fund a share repurchase plan, worth about 2 trillion yen ($12.6 billion) by fiscal 2030. The buyback plan remains unchanged, the company said.
The retail giant bought Speedway LLC, a U.S. convenience store chain and gas station network, in 2021, to diversify its revenue sources overseas amid a saturated domestic market.
The company, which has been restructuring its business to focus on convenience store operations, last year completed the sale of the struggling Ito-Yokado supermarket chain to a U.S. private equity firm.
It has also fended off a buyout approach from Canadian retailer Alimentation Couche-Tard Inc, operator of Circle K convenience stores.
© KYODO
