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.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.