Unitas may sell Buy The Way to Japanese
Unitas Capital is reportedly in talks with Ministop Co., Japan's fifth largest convenience store chain operator, over the sale of investee Buy The Way, the fourth largest convenience store chain in South Korea.
Unitas paid some $161 million in 2006 for Buy The Way, which at the time had about 980 outlets across the region. Subsequently, the company enlarged its chain to 1400 shops. Financial details have not been disclosed, but sources said that the asset could be valued at $200-$300 million. With shrinking sales in Japan, convenience store operators are being forced to look overseas for expansion, while South Korea’s convenience store market soared by around 17% last year to KRW 6.5 trillion ($5.6 billion) in 2008. Seven & I Holdings, Japan’s largest retailer, may also bid in partnership with Korea’s Lotte Group.
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