By Scott Murdoch

SYDNEY (Reuters) -Japanese retailer Seven & i Holdings has bought the 7-Eleven convenience stores chain in Australia, two sources said on Thursday.

The deal was valued at A$1.71 billion ($1.14 billion), one of the sources said. The sources could not be named as the information was not yet made public.

7-Eleven did not respond to a Reuters request for comment.

The convenience and petrol retailer kickstarted the process to sell its entire business earlier this year.

The 7-Eleven Stores in Australia is owned by the Withers and Barlow families. In 1976, they  signed the area licence agreement to bring the 7-Eleven brand to Australia, opening the first store in Oakleigh, Victoria in 1977.

(Reporting by Scott Murdoch; Writing by Praveen Menon; Editing by Sonali Paul)