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Business deals

7-Eleven parent to sell Sogo & Seibu for $1.38bn to U.S. fund

Fortress to buy department stores in which partner Yodobashi hopes to open units

7-Eleven operator Seven & i Holdings is selling off its Sogo & Seibu department store chains to U.S.-based investment fund Fortress Investment Group.

TOKYO -- 7-Eleven operator Seven & i Holdings is set to sell off its struggling Sogo & Seibu department store chains to U.S.-based investment fund Fortress Investment Group for 200 billion yen ($1.38 billion) or more, Nikkei has learned.

Together with Fortress, Japanese home appliance store operator Yodobashi Holdings is expected to invest in the deal by buying some of the Sogo & Seibu sites and rerouting proceeds to the U.S. fund. Yobobashi also plans to open its outlets in some of the Sogo & Seibu stores in Tokyo and neighboring Chiba prefecture.

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