Aeon to buy Marunaka supermarkets
MD
Japan's No.2 retailer Aeon Co plans to buy domestic supermarket chain Marunaka for 40-50 billion yen ($520-650 million), four sources with knowledge of the matter said.
Aeon will buy nearly all the shares in Marunaka and affiliate Sanyo Marunaka and assume about 50 billion yen in debt as part of the deal, which will be announced later on Wednesday, the sources said.
The sources spoke on condition of anonymity because the deal is not yet public. A spokesman for Aeon declined to comment.
The acquisition will allow Aeon to expand its presence in central Japan, where Marunaka and Sanyo Marunaka together have about 200 stores.
Aeon, which competes with No.1 ranked Seven & I Holdings in Japan, entered into a business tie-up with Marunaka in August 2010 that included private brand sales, e-commerce transactions and distribution systems. ($1 = 76.71 Japanese Yen) (Reporting by Emi Emoto, Ritsuko Shimizu and Taro Fuse; Writing by James Topham; Edting by Nathan Layne and Edwina Gibbs)
source : kam city, reuters