Japan’s Arcs Co. is to acquire rival Universe Co. in a deal that will create the country’s second-largest food supermarket operator.
The acquisition will become effective on 21 October, Arcs said today (30 June). The transaction will see Universe become a wholly-owned subsidiary of Arcs through a stock swap.
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One Universe share will be exchanged for 1.205 Arcs share. Universe’s president, Koichi Miura, will become chairman of Arcs on completion of the deal.
Arcs operates around 200 stores in Hokkaido, while Universe operates 47 in the Aomori, Iwate and Akita regions.
Arcs said the food supermarket industry is operating in “a weak consumer environment”, particularly following the March 2011 earthquake. In order to offset this, Arca said companies are “aiming to further improve customer satisfaction”.
The firm added that “synergies and integration of management techniques” will further strengthen competitiveness. Through the acquisition, Arcs said it hopes to grow further and increase corporate value for the entire group.
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