HMV Group PLC, Britain's largest music retailer, said Tuesday it agreed to sell its Japanese store chain to Daiwa Securities Group Inc. and Sumitomo Mitsui Financial Group Inc. for ¥17 billion in cash.
The sale of Japan's third-largest music retailer is expected to close by the end of next month, the Maidenhead, England-based company said Tuesday. Proceeds will be used to pay down debt, it added.
"The sale enables the group to focus on the markets where it has market-leading positions," Chief Executive Officer Simon Fox said in a Regulatory News Service statement.