Nojima Corp. said Thursday it will acquire a 100 percent stake in music store chain Wave Co., a wholly owned subsidiary of Tower Records Japan Inc., as early as January.
Nojima, an operator of large retail stores for home electric appliances, said it wants to expand its businesses, particularly in mobile phones and audio products, through Wave's 31 outlets in Japan.
Nojima, headquartered in Kanagawa Prefecture, hopes the acquisition will create business synergies between the two companies because people in their 20s and 30s are their most important customers, company officials said.
Under their basic agreement, Nojima will also be able to use Wave's knowhow in marketing CDs and DVDs at its online-shop subsidiary E-net Japan Corp.
For Wave, on the other hand, E-net's knowhow in online sales will be beneficial in expanding its business, it said.