Softbank-owned group bids for Sogo & Seibu: reports
The Softbank-owned Fortress Investment Group has offered around 200 billion yen ($1.48 billion) to buy Japanese department store unit Sogo & Seibu from parent company Seven & i Holdings, Nikkei reported on Sunday, citing sources. Fortress has obtained first refusal rights in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said. The US-based private equity firm is also in talks with Japanese electronics and appliance retailer Yodobashi Holdings to collaborate on efforts to revamp the department stores after the acquisition, the report added. Fortress is considering having Yodobashi run its store within the Seibu department in Ikebukuro, Tokyo, according to Nikkei. Seven & i, the parent of 7-Eleven convenience stores, is expected to hold more detailed talks with Fortress, including on employment and whether to shut some stores, according to the Nikkei report. (Reuters)