KKR agreed to sell Japanese supermarket chain Seiyu to retail giant Trial Holdings in a $2.55bn deal, marking the private equity firm’s full exit from the business. 

The transaction will see Trial take full ownership of Seiyu, solidifying its position in Japan’s competitive retail market.

Trial will finance the acquisition through a mix of existing cash reserves and newly secured bank loans, the company confirmed.

KKR first acquired a 65% stake in Seiyu from Walmart in 2021 and later expanded its holding to 85% by purchasing an additional 20% from Rakuten in 2023. As part of the latest agreement, Walmart will also sell its remaining 15% stake, officially ending its involvement in Seiyu, KKR stated in a separate announcement.

The sale follows a competitive bidding process that reportedly included offers from Japanese retail giants Aeon and Pan Pacific International Holdings, the parent company of Don Quijote, according to Nikkei.

For KKR, this exit reflects a strategic divestment in the Japanese retail sector, capitalizing on Seiyu’s operational turnaround under its ownership. The move also underscores the growing consolidation in Japan’s supermarket industry as domestic players expand their market share.