Seven & i Holdings is expected to sell a majority of its non-core business shares to Bain Capital for over 700 billion yen ($4.7 billion), according to a report from Bloomberg News on Wednesday, citing sources familiar with the deal.

The transaction is anticipated to be finalized during the upcoming board meeting, scheduled for Thursday.

In January, local media outlets reported that Seven & i, the parent company of the 7-Eleven convenience store chain, had selected Bain Capital as the preferred buyer for a significant stake in York Holdings. This move is part of the retailer’s broader strategy to spin off its non-core business operations. (Exchange rate: $1 = 149.1700 yen)