7-Eleven divests ATM business in South Korea

Korea Seven has sold its business unit to NICE TCM as part of a broader effort by LOTTE Group to optimize its business portfolio.

Korea Seven, operator of the 7-Eleven convenience store chain in South Korea, has agreed to sell its ATM business to financial automation service provider NICE TCM. 

The deal is part of a broader effort by LOTTE Group to optimize its business portfolio and reinforce financial stability. Despite divesting its ATM operations, the company will continue a long-term partnership with NICE to ensure the maintenance of existing ATM and cash dispenser machines across its stores, as well as facilitate new installations.

The sale of the business will provide Korea Seven with over 60 billion KRW (approximately $40 million) in liquid assets. The company plans to utilize these funds to improve its financial structure and reinforce its core operations. 

LOTTE Group has been actively restructuring its portfolio, divesting non-core assets to strengthen its business competitiveness. 

As part of its long-term optimization strategy, the company’s retail division conducted a comprehensive asset revaluation in the fourth quarter of last year, the first such assessment in 15 years.