Japan Post announced Thursday it has agreed with Daimaru Inc. to acquire a controlling stake in Asocia Corp., the department store chain's wholly owned distribution services subsidiary.
If approved by the Internal Affairs and Communications Ministry, Japan Post will purchase a 67.6 percent stake in Asocia for some 650 million yen on Oct. 3, making it the first merger and acquisition for the state-backed postal entity, its officials said.
Daimaru will continue to hold the remaining 32.4 percent of the Osaka-based company, whose mainstay business is to act as a shipping agent for Daimaru group firms, including the storage and packing of parcels.