Maxvalu Hokkaido Co Ltd entered into basic agreement to acquire the super market business in hokkaido, Japan from Daiei, Inc for approximately ¥170 million.
The super market business reported sales of ¥6.53 billion, operating profit of ¥69 million, total assets of ¥932 million and total liabilities of ¥449 million for the year ending February, 2015. Board of Directors of MaxValu Hokkaido Co., Ltd. made a resolution in favor of the transaction on April 9, 2015. The transaction is expected to close on September 1, 2015. Minamiaoyama FAS Corporation acted as the third party appraiser and Hashimoto & Ogawa Joint Law Firm acted as the legal advisor to MaxValu Hokkaido Co., Ltd.