Uni-President Enterprise Corp, which operates 7-Eleven convenience stores, has signed an agreement to acquire a 74.75% stake in Woongjin Foods Co for KRW260bn ($229m) from South Korea’s private equity fund Hahn & Co. The acquisition is part of the company’s overseas strategic expansion. Woongjin Foods, established in 1976, is a beverage brand in South Korea that has also expanded into the healthy food industry. The deal is subject to approval from competition watchdogs in Taiwan and South Korea. Hahn & Co. acquired Woongjin Foods from Woongjin Holdings in 2013 at KRW95bn and placed the food maker on the market earlier this year. The stake sale attracted interest from three bidders Uni-President Enterprises, Want Want Holdings Ltd, another Taiwan’s top food maker, and Korea’s Hyundai Group.