• Kyodo


Major property and casualty insurance group Sompo Japan Nipponkoa Holdings Inc. plans to acquire the elderly nursing care unit of pub and restaurant chain operator Watami Co. for about ¥21 billion, industry sources said Thursday.

The insurance group is expected to buy all outstanding shares in Tokyo-based Watami no Kaigo Co., possibly within the year, in a bid to enhance its nursing care business, which is expected to grow as the nation’s population ages.

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