KDDI Plans to Acquire Further Stake in Japan Convenience-Store Operator Lawson for $3.3 Billion — Update
By Kosaku Narioka
KDDI plans to spend around $3.3 billion to significantly increase its stake in Lawson, one of the largest convenience-store operators in Japan, and jointly operate it with current parent Mitsubishi Corp.
The Japanese telecom company said Tuesday that it expects to spend a total of 496.50 billion yen ($3.34 billion) for the stake acquisition.
KDDI currently holds a 2.1% stake in Lawson, while Mitsubishi owns 50.1%.
After the tender offer is completed, KDDI and Mitsubishi plan to each hold a 50% stake in Lawson.
KDDI said it would start the tender offer around April to buy shares of Lawson at Y10,360 each. Lawson shares closed 2.2% higher at Y8,913 on Tuesday.
KDDI, which has expanded into banking, insurance and entertainment, said it plans to offer its communication, financial and other services at Lawson stores.
Lawson has about 14,600 stores in Japan and 7,200 stores overseas, primarily in China.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 06, 2024 04:35 ET (09:35 GMT)
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