Softbank’s Fortress offers US$1.5bil to buy Japan’s Sogo & Seibu

sSoftBan owned Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.

TOKYO: Softbank-owned Fortress Investment Group has offered around 200 billion yen (US$1.48bil or RM6.52bil) to buy Japanese department store unit Sogo & Seibu from parent Seven & i Holdings, Nikkei reports, citing sources.

Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.