U.S. Fund Apollo May Invest 1.5 T. Yen in Seven & i

Tokyo, Jan. 10 (Jiji Press)--U.S. investment fund Apollo Global Management Inc. is considering investing up to 1.5 trillion yen in Seven & i Holdings Co. to join a founding family's buyout plan, it was learned Friday.

The acquisition is expected to cost 8 trillion to 9 trillion yen in total, of which about 4 trillion yen is likely to be put up mainly by the founding family, trading house Itochu Corp. and Apollo.

Last year, retailer Seven & I received a takeover offer of about 7 trillion yen from Canadian convenience store operator Alimentation Couche-Tard Inc.

To defeat the proposal, one of the Seven & i founding families began examining the idea of acquiring the company and take it private. The problem is how to secure the huge funds needed for the buyout.

The founding family is seeking investments from various investment funds in Japan and overseas, in addition to Apollo.

[Copyright The Jiji Press, Ltd.]