Aeon Co., Ltd. (TSE:8267) signed a contract to acquire 15% stake in Fuji Co., Ltd. (TSE:8278) for ¥13 billion on October 12, 2018. The other party and terms are still undetermined. Aeon Co., Ltd. (TSE:8267) concluded an agreement to acquire additional 9.5% stake in Fuji Co., Ltd. from AS'TY, Inc. for ¥7.7 billion on November 14, 2018.

Under the transaction, Aeon Co., Ltd. acquires 3.6 million shares at ¥2,124 per share. Post transfer, AS'TY, Inc. will hold 4.43 million shares representing 11.35% stake. Corporate resolution from Fuji's Board and Executive decision by Aeon's board was obtained on the same date.

Deal is expected to close by the end of February 2019.