Lawson, Inc. (TSE:2651) agreed to acquire partial Convenience Store business from CVS Bay Area Inc. (TSE:2687) for ¥4.8 billion on November 22, 2017. An entity named Lawson Urban Works Co., Ltd. is expected to be formed in November to succeed to the operation of the company stores being acquired. The partial Convenience Store business reported total operating revenue of ¥18.6 billion and gross profit of ¥5.3 billion for the fiscal year ended February 2017.

The transaction is expected to close on March 1, 2018. Plutus Consulting Co., Ltd. acted as a third-party appraiser for Lawson, Inc. in the transaction.