The deal would create the world’s largest convenience store operator with about 100,000 stores|Mike Mozart|CC BY 2.0

Canadian multinational Couche-Tard has proposed acquiring Japan’s Seven & i Holdings Co., the owner of 7-Eleven, in a deal potentially valued at $31 billion, Nikkei reported.

The merger would create the world’s largest convenience store operator, with about 100,000 stores. Couche-Tard has fewer stores but a larger valuation of $58.5 billion. There are over 85,000 7-Elevens worldwide.

Following the news, Seven & i’s shares jumped 23% to a $31 billion valuation. 

The proposal, confirmed as “friendly” but non-binding, is under review by Seven & i’s independent committee.