KKR and Walmart offload Seiyu for $4b
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The news: KKR and Walmart are selling their stakes in Japanese supermarket chain, Seiyu, to discount retail store operator Trial Holdings.
The numbers: Japanese company Trial said it plans to buy all Seiyu shares for 380 billion yen ($4.05 billion) in July.
KKR first acquired a 65% stake in Seiyu from Walmart in 2021, before acquiring an additional 20% stake from Rakuten in 2023, boosting its holding to 85%. As part of the sale, Walmart will also sell its 15% stake.
The context: A statement by KKR says that the private equity firm and US retail giant Walmart have collaborated closely to support Seiyu’s growth over the years by improving operational efficiency, product quality and selection, profitability and technology adoption.
What they said: Hiro Hirano, deputy executive chairman of KKR Asia Pacific and CEO of KKR Japan, said: “We are incredibly proud of what we have achieved with Seiyu and our strategic partners Walmart and Rakuten over the course of our ownership, and how this has delivered tremendously for Seiyu’s customers and our investors. Seiyu serves as an outstanding example of how global investors with deep local knowledge, global connectivity and know-how can help iconic Japanese brands and local champions unlock their full potential. We are confident that Seiyu is well-placed to build on its achievements and wish the company and Trial continued success.”
The sources: KKR press release, Trial Holdings press release
