Aeon Co. Plans to Merge Japan Drugstore Unit Welcia with Rival Tsuruha
By Kosaku Narioka
Aeon Co. plans to merge its Japanese drugstore unit Welcia Holdings with rival Tsuruha Holdings in a bid to solidify its presence in the domestic market and expand its drugstore operations in Southeast Asia.
The three companies said Wednesday that they aim to finalize merger terms by the end of 2027.
The companies said the possible business integration is aimed at improving health and wellness of consumers in Japan, the Asean region and other markets abroad.
As part of the merger process, Aeon agreed to acquire an additional 14% stake in Tsuruha from Hong Kong-based asset manager Oasis Management for 102.3 billion yen ($679.7 million). Aeon currently holds a 14% stake in Tsuruha.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 28, 2024 04:35 ET (09:35 GMT)
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