Daiwa SMBC Principal plans to exit HMV
Daiwa Securities SMBC Principal Investments, the private equity unit of the Japanese brokerage house, is in negotiations to sell its portfolio company HMV Japan to Culture Convenience Club, operator of the Tsutaya DVD and CD rental chain.
Daiwa and CCC have reportedly reached a basic agreement on this deal and hope to conclude the talks by end June. Price and other details are not yet confirmed. Daiwa acquired a 100% stake in HMV Japan...
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