Japanese retail giant Seven & i Holdings has announced it will purchase the largest convenience store chain in Australia. The move is part of an effort to expand the firm's business outside of Japan and North America.

Seven & i says that it will acquire all shares of Convenience Group Holdings for 1.71 billion Australian dollars, or about 1.13 billion US dollars. The company operates 7-Eleven convenience stores in Australia and will become a 100 percent-owned subsidiary of Seven & i. Executives plan to complete the transaction between April and June next year.

The Australian firm ran about 750 outlets across the country as of the end of June.

The Japanese retailer sees potential for stable growth in Australia as the country's population is projected to increase.

Seven & i aims to operate 50,000 stores outside Japan and North America by fiscal 2025. In February, it came up with a plan to expand its branch network in Vietnam through investment in local businesses.