Fortress Investment Group Announces Closing Date of Sogo & Seibu Acquisition
Retrieved on:
Thursday, August 31, 2023
Professional Services, Retail, Convenience Store, Department Stores, Specialty, Asset Management, Hold Tight (Justin Bieber song), Partnership, Fortification, Sogo & Seibu, Culture, Sogo, Fortress Investment Group, GK, Seibu Ikebukuro Line, Ikebukuro Station, Public expenditure, Acquisition, Transport, Renewable energy, Ikebukuro
Fortress Investment Group LLC (along with its affiliates, “Fortress”) today announced that funds managed by affiliates of Fortress plan to acquire 100% of the issued shares of Sogo & Seibu Co., Ltd. (“Sogo & Seibu”), Seven & i Holdings Co., Ltd.’s (“Seven & i”) wholly-owned department store subsidiary, on September 1, 2023.
Key Points:
- Fortress Investment Group LLC (along with its affiliates, “Fortress”) today announced that funds managed by affiliates of Fortress plan to acquire 100% of the issued shares of Sogo & Seibu Co., Ltd. (“Sogo & Seibu”), Seven & i Holdings Co., Ltd.’s (“Seven & i”) wholly-owned department store subsidiary, on September 1, 2023.
- As part of this transaction, Fortress will partner with leading Japanese consumer camera and electronics retailer, Yodobashi Holdings Co., Ltd. (“Yodobashi HD”), which plans to introduce new stores in select Sogo & Seibu’s flagship stores.
- Akio Yamashita, Managing Director and Representative in Japan of Fortress Investment Group (Japan) GK said “We are pleased to announce the acquisition of such an iconic company.
- We are committed to achieving business continuity for Sogo & Seibu, and will work with Seven & i to support the management of Sogo & Seibu to maintain Sogo & Seibu’s workforce to the extent possible.”