(Bloomberg) -- Bain Capital is nearing a deal to buy Seven & i Holdings Co.’s supermarket business, according to people familiar with the matter.

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The US-based private equity firm and Seven & i are hammering out details of a transaction that could be announced as soon as this week, the people said, asking not to be identified because the deliberations are private. Seven & i is planning to hold a board meeting to vote on the deal on Thursday, the people said.

A potential deal may value York Holdings, an umbrella company for supermarkets, restaurants and other assets split from Seven & i’s convenience-stores business, at over 700 billion yen ($4.7 billion), one of the people said.

Talks are ongoing and could still fall apart, the people said. A representative for Bain declined to comment, while Seven & i didn’t immediately respond to a request to comment.

The sale heeds calls from investors over the years for the company to hive off the lower-margin supermarkets business and focus on its higher-margin convenience store business. The transaction is also the latest example of increased dealmaking activity in Japan.

Seven & i embarked on a broad restructuring of its business after Canada’s Alimentation Couche-Tard Inc.’s approach to buy out the company became public in August. Later in October, Seven & i outlined a plan to set up York Holdings.

--With assistance from Kanoko Matsuyama, Lisa Du and Koh Yoshida.

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