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Japan's FamilyMart, UNY to announce merger Thursday - Nikkei
October 15, 2015 / 5:38 AM / 2 years ago

Japan's FamilyMart, UNY to announce merger Thursday - Nikkei

TOKYO, Oct 15 (Reuters) - FamilyMart Co has agreed to merge with UNY Group Holdings Co through a share swap deal to be announced on Thursday, the Nikkei business daily said, in a move that will create Japan’s second-biggest convenience store operator by sales.

After months of discussions, the companies have reached a basic agreement in which 0.13 UNY share will be exchanged for each FamilyMart share, the paper said. FamilyMart will be the surviving entity, it said.

The Tokyo Stock Exchange suspended trade in both companies’ shares after the midafternoon report.

FamilyMart, now Japan’s No.3 convenience store operator, and UNY, owner of fourth-ranked chain Circle K Sunkus, had agreed in March to begin negotiations with the aim of merging in 2016. (Reporting by Chris Gallagher and Chang-Ran Kim)

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