Nomura Holdings Inc. said Friday it will invest 50 billion yen in Millennium Retailing Inc. by the end of January to acquire a majority stake.
Nomura Holdings will carry out the capital injection through Nomura Principal Finance Co., a fully owned subsidiary. Millennium Retailing is the parent company of the Sogo and Seibu department stores.
Nomura Holdings said Millennium Retailing's competitive department store business is a good investment opportunity.
Millennium Retailing will receive a debt-for-equity swap worth 40 billion yen from Mizuho Corporate Ltd., the corporate turnaround arm of Mizuho Corporate Bank.