TOKYO (Reuters) - Japanese retailers FamilyMart Uny Holdings Co and Don Quijote Holdings Co said on Thursday they would join hands through a capital alliance to weather tough competition in a shrinking domestic market.
FamilyMart Uny would sell all of its remaining 60 percent stake in its Uny general merchandise store unit to discount retailer Don Quijote, which is looking for locations to open more stores, popularly known as “Donki”. Don Quijote will pay 28.2 billion yen ($251.67 million) for the additional stake, after taking a 40 percent stake last year. .
FamilyMart Uny would also buy 20.17 percent of Don Quijote for 6,600 yen a share, for a total 211.9 billion yen ($1.89 billion), the convenience store operator said in a statement.
Reporting by Kaori Kaneko; Editing by Chang-Ran Kim