Maxvalu Kyushu Co.,Ltd. (JASDAQ:3171) concluded a basic agreement to acquire 14 supermarket stores in Kyushu area in Japan in from The Daiei, Inc. for approximately ¥850 million on April 9, 2015. A contract was concluded on July 8, 2015. In related transactions, The Daiei, Inc. entered into basic agreement to sell part of general merchandise stores and supermarket stores in Hokkaido and Honshu area.

The stores reported sales of ¥12.87 billion, operating loss of ¥84 million, total liabilities of ¥401 million and total assets of ¥1.26 billion for the year ending February 2015. The transaction does not require the approval from shareholders of Maxvalu Kyushu and The Daiei, Inc. The Board of Directors of The Daiei, Inc. and Maxvalu Kyushu passed a resolution for the transaction on April 9, 2015. The transaction was approved by Board of Daiei on July 8, 2015.

The transaction is expected to complete on September 1, 2015. Arc Financial Intelligence Co., Ltd acted as the valuer and Koga Hanashima Law Office acted as the legal advisor to Maxvalu Kyushu.