Japan’s Nishimura & Asahi is advising Seven & i Holdings Co. on the estimated $1.77 billion sale of its 192-year-old department store unit to the U.S. private equity firm Fortress Investment Group.

Seven & i Holdings, the Tokyo-headquartered operator of 7-Eleven convenience stores and the Speedway gas station chain in the U.S., announced on Nov. 11 that Seven & i Holdings has agreed to sell all its shares in Sogo & Seibu to U.S.-based Fortress Investment, which is owned by Softbank. The transfer price will be determined based on 250 billion yen ($1.77 billion) in enterprise value for Sogo & Seibu and its subsidiaries, adjusted by their net debt and net working capital, as well as the dividends paid by the 7-Eleven operator’s consolidated subsidiary, Seven CS Card Service Co.