Shares of Seven & i Holdings Co. experienced a significant increase of up to 11% during early Tokyo trading. This surge was a result of reports indicating that the Ito family, who are the founders of the retail giant, are working towards finalizing a deal to privatize the company by the end of its fiscal year in February.
Sources familiar with the situation have revealed that the initiative aims to secure funding of over ¥8 trillion (approximately $51.7 billion) from major megabanks and U.S. financial institutions.
A special-purpose company formed by the Ito family and other stakeholders is planning a takeover bid for the entire firm. This move is expected to be completed by the end of February.