Walmart to sell 85 percent of Seiyu to KKR and Rakuten

Nov 17, 2020 | News On Japan

Nov 17, 2020 (NHK) - US retail giant Walmart says it's selling 85 percent of the shares of its Japanese supermarket subsidiary Seiyu. The sale aims to increase Seiyu's emphasis on digital shopping.

US investment firm KKR will acquire 65 percent of Seiyu and Japanese e-commerce giant Rakuten will purchase 20 percent through a newly created company. Walmart will retain a 15 percent stake.

The deal values Seiyu - which has been wholly-owned by Walmart since 2008 - at 172.5 billion yen, or about 1.6 billion dollars.

Seiyu and Rakuten are already jointly running a digital supermarket. Demand for online grocery shopping is increasing, especially amid the coronavirus pandemic.

Seiyu plans to use Rakuten's expertise to introduce a new cashless payment system and connect virtual and brick and mortar stores to offer better service.

Source: ANNnewsCH

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