Aeon Co. Plans to Merge Japan Drugstore Unit Welcia With Rival Tsuruha -- 2nd Update [MarketWatch]
AEON CO LTD UNSP/ADR (AONNY)
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Source: MarketWatch
presence in the domestic market and expand its drugstore operations in Southeast Asia. The three companies said Wednesday that they aim to finalize merger terms by the end of 2027. Advertisement The companies said the possible business integration is aimed at improving the health and wellness of consumers in Japan, the Asean region and other markets. As part of the merger process, Aeon agreed to acquire an additional 14% stake in Tsuruha from Hong Kong-based asset manager Oasis Management for 102.3 billion yen ($679.7 million). Aeon currently holds a 14% stake in Tsuruha. Oasis said Aeon has a track record of leading drugstore consolidation in Japan, and it believes the stake sale will help raise Tsuruha's corporate value. Advertisement If combined, Welcia and Tsuruha's annual revenue would top Y2 trillion and be more than twice that of the third-biggest drugstore operator, MatsukiyoCocokara. Sales at domestic drugstores have grown in recent quarters, thanks to a recov
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