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Business deals

SoftBank-backed fund advances to buy Sogo & Seibu from Seven & i

Fortress Investment in talks with Yodobashi to revamp struggling department stores

Sources say Fortress has offered more than $1.47 billion to buy department store unit Sogo & Seibu.

TOKYO -- Fortress Investment Group, a SoftBank Group-affiliated investment fund, has obtained the first refusal right in the acquisition of struggling department store unit Sogo & Seibu, owned by Seven & i Holdings, Nikkei has learned.

Fortress has offered well over 200 billion yen ($1.47 billion), according to sources close to the matter. The U.S.-based fund is also in talks with electronics and appliance retailer Yodobashi Holdings to collaborate on efforts to revamp the department stores after the acquisition.

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