• Kyodo News

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Retail giant Seven & I Holdings Co. said Tuesday it has reached agreement with Akachan Honpo Co. to take over the Osaka-based baby goods retailer for 1.18 billion yen in late July.

Under the deal, Seven & I’s supermarket chain, Ito-Yokado Co., will purchase 66.67 percent of Akachan Honpo’s outstanding voting shares from a firm managing the assets of the baby goods company’s founding family.

After the deal, Ito-Yokado aims to strengthen sales of distinctive products because conventional supermarket stores are not expected to grow substantially in graying Japan.

The Tokyo-based supermarket chain plans to dispatch three officials to Akachan Honpo’s board. The two companies plan to cooperate in the fields of purchasing and product development.

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