Daiwa Securities SMBC Principal Investments is in talks with Culture Convenience Club (TSE4756), the operator of Tsutaya DVD&CD rental chain, on a sale of its portfolio company HMV Japan. Daiwa and CCC have reached a basic agreement to negotiate a sale targeted by the end of June. Price and other details are yet to be agreed upon.
Daiwa originally acquired a 100% stake in HMV Japan in 2007 as a divestment deal of the Japan subsidiary from its UK parent. HMV Japan operates 57 stores mainly in the greater Tokyo area with estimated annual sales of JPY 45 billion (USD 500 million).
CCC operates around 850 stores nationwide. CCC aims to bolster its online sales by acquiring HMV, which generates 40% of its sales from online business.
March 26, 2010
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