Private equity firm Fortress Investment Group is nearing a deal to acquire Seven & i Holdings’ Sogo & Seibu chain of department stores in Japan for more than ¥200 billion ($1.4 billion), according to people familiar with the matter.
The discussions are in their final stage and an announcement could come as soon as Thursday, said the people, who asked not to be identified as the information is private. Fortress is set to team up with Japanese electronics and appliance retailer Yodobashi Holdings, which could become tenants of some of the Sogo & Seibu department stores, the people said. The board of Seven & i is due to meet on Thursday, they said.
While talks are advanced, they could still be delayed or even fall apart, the people said. A representative for Seven & i declined to comment on the deal, reiterating that the company is carrying out a strategic review for the department store business as it has been. A representative for Fortress didn’t immediately respond to requests for comment before U.S. business hours.