Major British retailer Tesco PLC announced Tuesday it will acquire Tokyo-based supermarket chain C Two-Network Co. for 32.8 billion yen, joining the growing list of foreign retail giants gaining a foothold in the world's second-largest economy.
For Tesco, the acquisition allows a foray into "an exciting but complex and challenging market," Andrew Higginson, Tesco's financial director, told a news conference in Tokyo.
Britain's largest food retailer said it would carry out a 30-day tender offer starting Wednesday to buy all outstanding shares in C Two-Network, whose management decided to endorse the takeover bid.