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Business deals

KKR and Rakuten to buy 85% of Seiyu from Walmart

Companies to join US retail giant's Japan business as demand for deliveries grows

A Seiyu store in Tokyo: The supermarket chain has seen growing demand for food deliveries amid COVID-19. (Photo by Yoshiyuki Tamai) 

TOKYO -- U.S. investment company KKR and Japanese e-commerce major Rakuten on Monday announced that the two companies will buy 85% of Seiyu, the Japanese supermarket chain owned by U.S. retail giant Walmart.

KKR will hold 65% of Seiyu's business, while Rakuten is to obtain 20%. Walmart will hold on to the rest. The three companies agreed to value the business at 172.5 billion yen ($1.6 billion) for the deal.

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