Japan's Trial Holdings said on Wednesday it would spend 382.6 billion yen ($2.55 billion) to acquire the Seiyu supermarket chain controlled by U.S. private equity fund KKR. Trial said in a release it would use existing cash and newly arranged bank borrowings to purchase Seiyu and make it a wholly owned subsidiary.

Billionaire Hisao Nagata’s Trial Holdings said the acquisition of Seiyu Co. would expand his company’s sales to more than ¥1.2 trillion.

Japan’s Trial Holdings has announced that it will acquire supermarket chain Seiyu for $2.55b (JPY 382.6b) from its current majority owner, U.S. private equity firm KKR (KKR.N), Reuters reported. Trial Holdings said it would finance the acquisition through a combination of existing cash reserves and newly secured bank loans.

Japanese discount supermarket chain operator Trial Holdings Inc said Wednesday it will acquire rival Seiyu Co for 380 billion yen and make it a wholly owned subsidiary, creating a retail group with sales exceeding 1 trillion yen.

Four years after Walmart sold a majority stake in Japanese grocery retailer Seiyu for $1.6 billion, it is selling the remainder of its ownership to Trial Holdings in a

KKR and Walmart have agreed to sell Japanese supermarket chain Seiyu for about $2.5 billion to Japanese retailer Trial Holdings

KKR & Co. Inc. (KKR) said on Wednesday it will sell its stake in the Japanese distribution and retail business operator Seiyu to Trial Holdings, Inc., representing a “significant outcome” for the private equity giant.