SoftBank's PayPay in talks to buy Seven & i stake
SoftBank and its payment app PayPay are in talks to buy a major stake in Seven & i Holdings, the company behind 7-Eleven stores.
The deal, which could be worth several hundred billion yen, might also include Sumitomo Mitsui's credit card division.
If it goes through, it would boost Seven & i's finances (which have been under pressure from activist investors), while letting SoftBank and PayPay tap into 7-Eleven's huge retail network and popular loyalty programs.
PayPay could gain from 7-Eleven tie-up
For PayPay, already used by 74 million people, teaming up with Japan's biggest convenience store chain could be a game-changer against rivals like Rakuten and NTT Docomo.
Talks are still ongoing, so nothing is final yet.
After the news broke, PayPay shares went up while Seven & i American depositary receipts dipped a bit, so everyone's watching to see what happens next.