Bloomberg cited sources reporting that Seven & i, which holds the Japanese 7-Eleven brand, is considering a 9 trillion yen ($60 billion) management buyout plan that will include splitting and listing its North American convenience store and gas station businesses to ease financing concerns.

Currently, the founding Ito family of Seven & i is eager to propose an acquisition plan to counter the 7.1 trillion yen acquisition proposal from the global owner of the Circle K brand, Alimentation Couche-Tard.

It is reported that the above IPO target will raise over 1 trillion yen in cash to repay the 6 trillion yen loans provided by financial conglomerates such as Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, and Mizuho Financial Group for the management buyout plan.

Sources said that Seven & i plans to retain a stake in the business after the split listing.