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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?