Uny Deal Fairly Valued; Itochu Benefiting From a Strategic Perspective
The announcement of FamilyMart Uny Holdings, or FamilyMart, selling its 60% stake in Uny, its general-merchandise-store, or GMS, arm, to the discounter Don Quijote, or Donki, while injecting as much as JPY 212 billion to acquire a 20% stake in Donki came as a surprise. Despite the fact that we had anticipated FamilyMart’s divesture of Uny after it sold a 40% stake of Uny to Don Quijote in November 2017, the deal took place earlier than we had expected and the tender offer came as a surprise. It ...Don Quijote Holdings is a holding company mainly engaged in the operation of discount stores. The Retail segment is engaged in the operation discount stores offering electrical appliances, daily commodities, foods, apparel, sporting goods and leisure equipment under the name of "Don Quijote" and "MEGA Don Quijote." It also operates general merchandise stores under the name of "Nagasakiya" and do-it-yourself stores under the name of "Doit." It operates 368 stores as of June 30 2017. The Tenant Leasing segment is engaged in the leasing and management of commercial facilities.
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