Ito-Yokado Co., Ltd. completed the acquisition of 20% stake in Tenmaya Store Co.,Ltd. from Tenmaya Co., Ltd. and Maruta Sangyo K.K.
January 30, 2014 at 11:00 pm EST
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Ito-Yokado Co., Ltd. entered into a basic agreement to acquire 20% stake in Tenmaya Store Co.,Ltd. (TSE:9846) from Tenmaya Co., Ltd. and Maruta Sangyo K.K. on December 10, 2013. Ito-Yokado agreed to acquire 2.31 million shares of Tenmaya Store. Tenmaya Co. will sell 1.71 million shares of Tenmaya Store and Maruta Sangyo will sell 0.6 million shares. The Board of Directors meeting of Ito-Yokado Co approved the resolution on a basic agreement for the transaction on December 10, 2013. The deal is expected to complete on January 31, 2014 through an off-market direct transaction. The agreement will have only a minimal effect on Seven & i Holdings Co., Ltd.'s consolidated business results for the fiscal year ending February 2014, but it is expected to contribute to its profits over the medium and long terms.
Ito-Yokado Co., Ltd. completed the acquisition of 20% stake in Tenmaya Store Co.,Ltd. (TSE:9846) from Tenmaya Co., Ltd. and Maruta Sangyo K.K. on January 31, 2014.
Tenmaya Store Co.,Ltd. is a Japan-based company mainly engaged in retail business. The Company operates through two segments. The Retail segment is engaged in the retail of foods, sundries, clothing and related stores leasing business. The Retail Outskirts segment is engaged in manufacture and sale of prepared foods, the business of family restaurants and the provision of related products. Its brands include HAPPY TOWN, HAPPYâS, HAPPY Mart. The Company also operates real estate management business.