TOKYO -- Japan's Seven & i Holdings said Friday that it has completed the sale of department store operator Sogo & Seibu to U.S.-based Fortress Investment Group, estimating the actual transfer price at 85 million yen ($582,000) after accounting for debts.
The announcement placed the enterprise value of Sogo & Seibu at 220 billion yen. But the company has roughly 200 billion yen in interest-bearing debt, after Seven & i forgave a portion of its lending to the group. Subtracting this debt from the enterprise value and adjusting for such factors as working capital yielded the 85 million yen figure.
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