Bain Capital is the preferred buyer for a stake in Seven & i Holdings’ non-core assets. The firm operates Japan’s 7-Eleven.

The deal values York Holdings at over 700bn yen – approximately $4.7bn.

The selection followed a competitive bidding process. Rival firms included private equity firm KKR and Japan Industrial Partners. Seven & i Holdings plans to spin off its non-core businesses into York Holdings.

York Holdings will consolidate 31 subsidiaries. The unit includes its supermarket operations, the baby goods retailer Akachan Honpo, and the operator of Denny’s restaurants in Japan. Local media reported the development on 22 February. Furthermore, Nikkei and Jiji news agencies confirmed the valuation figure by citing anonymous sources.

Seven & i Holdings, KKR, and Japan Industrial Partners did not comment immediately. Moreover, Bain Capital declined to comment. This move marks a significant transaction in Japan’s private equity market.