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FamilyMart completes sale of Uny to Don Quijote

Japanese convenience store chain FamilyMart UNY Holdings Co. Ltd. said Jan. 4 it completed the transfer of its remaining 60% shareholding in its UNY Co.Ltd. subsidiary to general merchandise retailer Don Quijote Holdings Co. Ltd.

Following the transaction, Tokyo-based Don Quijote now holds 100% of Uny. The company acquired 40% of the business through a business alliance agreement with FamilyMart in 2017.

FamilyMart agreed to sell the remaining 60% it holds in Uny to Don Quijote in October 2018 as part of a new retail alliance. The agreement also called for FamilyMart to take a 20.17% stake in Don Quijote for ¥6,600 per share, for a total consideration of ¥211.92 billion.

Founded in 1952, Uny sells clothing, food, housing and leisure goods in Japan.

FamilyMart is a consolidated subsidiary of Japanese textile company Itochu Corp.

As of Jan. 3, US$1 was equivalent to ¥107.59.