In a landmark deal set to reshape Japan’s retail market, KKR and Walmart have agreed to sell their respective 85% and 15% stakes in Seiyu, the Tokyo-based supermarket giant, to Japan’s Trial Holdings Inc. for 380 billion yen ($2.55 billion). The transaction, announced Wednesday, underscores a seismic shift in the country’s competitive supermarket sector, as Trial aims to expand its footprint beyond its stronghold in Kyushu.
The deal, which has Simpson Thacher & Bartlett LLP advising KKR, is slated to close in the second quarter of 2025, pending regulatory approvals.
KKR’s Strategic Exit: From Revitalization to Sale
KKR, a global private equity powerhouse, first took control of Seiyu in 2021 by acquiring a 65% majority stake from Walmart. It later increased its stake to 85% in 2023 by purchasing an additional 20% from Rakuten. During its tenure, KKR focused on streamlining operations, optimizing product offerings, and integrating advanced technology to enhance efficiency and profitability.
“We are incredibly proud of what we have achieved with Seiyu alongside our strategic partners Walmart and Rakuten,” said Hiro Hirano, deputy executive chair of KKR Asia Pacific and CEO of KKR Japan. “Seiyu is now well-positioned to build on its successes, and we wish the company and Trial Holdings continued growth.”
