Seven & I in talks over the sale of its supermarket business
Japan’s Seven & I Holdings has approached private equity funds and other parties about a potential sale of its Ito-Yokado stores and supermarkets, Bloomberg News reported, citing people familiar with the matter.
Based on earnings multiples, the sale value could reach US$2.19 billion, Bloomberg said, citing one of the sources.
That follows a report on Thursday that Seven & I is considering selling part of its Seven Bank unit.
A Seven & I spokesperson, responding to the report, said: “It is not something officially announced by our company, and we do not comment on market rumours.”
Last month, the parent company of the 7-Eleven convenience store chain rejected a $38.5 billion offer from Canada’s Alimentation Couche-Tard that would have been the largest corporate foreign buyout of a Japanese company.
Seven & I has been under pressure from activist investor ValueAct Capital in recent years to improve its asset allocation and has sold down stakes in other lower-performing assets.
The company said in April it was considering a listing of its superstore business, which mainly comprises supermarkets, as part of a plan to maximise corporate value.
Inside Retail Asia
Related news
Kraft Heinz working on Plasmon baby-food sale
Kraft Heinz has hired advisers to work on the potential…
Read more >Unilever Sells 100-Year-Old Brands
Unilever has announced that it has received a binding offer…
Read more >7-Eleven Philippines teams up with Pokémon for merch and in-store experience
7-Eleven Philippines has partnered with Japanese gaming and character franchise…
Read more >Related news
László Flórián will manage Praktiker from April
A new CEO will manage the Hungarian-owned, nationwide DIY chain…
Read more >Rising prices of services are driving inflation – not food
Although food prices continue to be the focus of public…
Read more >MLBKT: BMI indicates further recovery in March
The seasonally adjusted March value of the Purchasing Managers’ Index…
Read more >