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FamilyMart, Japan's third largest convenience store operator, said it would buy smaller rival am/pm Japan Co for 12 billion yen ($133 million) as it seeks growth in a saturated domestic market.
The move, to be completed next spring, will make am/pm a wholly owned subsidiary and help FamilyMart close the gap with Japan's second biggest convenience store chain Lawson.
FamilyMart will buy am/pm from Rex Holdings, which is owned 92 percent by Japanese private equity firm Advantage Partners. Advantage has been seeking a buyer for am/pm.
am/pm has about 1,100 stores and FamilyMart, which also has sizable overseas operations, runs about 7,600 stores in Japan. Lawson has about 9,600 stores in Japan.
FamilyMart said in a release that the deal would have no impact on its annual earnings outlook, in line with market estimates according to analysts polled by Thomson Reuters.
FamilyMart President Junji Ueda has said any acquisition of another chain is unlikely to work unless it can put all stores under the FamilyMart brand. The two are scheduled to hold a news conference later on Friday.
Shares of FamilyMart were up 2 percent, while Lawson was up 1.8 percent.
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