KKR Increases Majority Stake in Seiyu With Acquisition of Rakuten Shares streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Private equity giant KKR has increased its stake in Japanese supermarket chain Seiyu to 85% from 65% by buying out Rakuten Group’s stake in the company.
KKR, Rakuten complete share purchase in Japanese supermarket chain Seiyu from Walmart
A logo of Seiyu is pictured at its chainstore in Tokyo, Japan, July 12, 2018. REUTERS/Kim Kyung-Hoon
March 1, 2021
Private equity giant KKR, and Rakuten DX Solution, a unit of the Japanese e-commerce group Rakuten Inc., have completed their share purchases in Japanese supermarket chain Seiyu GK from Walmart.
KKR now owns a 65% stake in Seiyu and Rakuten DX Solution owns 20% in the company, according to a statement. Walmart retains a 15% stake in Seiyu. KKR made the investment from its Asia private equity fund, the companies said.
The shareholders also confirmed the appointment of Tsuneo Okubo as CEO of Seiyu, effective immediately. Okubo’s decades-long career in Japan’s retail sector includes senior roles for national supermarket chains. He brings to Seiyu a strong track record of elevating corporate strategies and performance through digital innovation, enhancing the operations of physica
Founded in 1963, Tokyo-based Seiyu operates more than 300 stores throughout Japan.
Global investment firm KKR and Rakuten DX Solution, a subsidiary of internet services company Rakuten, have completed their previously reported share purchases in Japanese retailer Seiyu GK from Walmart. As a result of the transactions, KKR owns a 65% stake in Seiyu, and Rakuten DX Solution owns a 20% stake in the company. Walmart, meanwhile, retains a 15% stake in Seiyu. New York-based KKR is making its investment from its Asia private equity fund.
Under the new ownership structure, Seiyu can avail itself of the combined retail expertise and innovation of KKR, Rakuten and Walmart, as well as ramp up its digital transformation to become Japan’s top omnichannel retailer.
KKR and Rakuten Complete Seiyu Share Purchase from Walmart financialbuzz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialbuzz.com Daily Mail and Mail on Sunday newspapers.