July 11, 2012 / 11:23 PM / 5 years ago

Japan's Yamada Denki to buy rival Best Denki - Nikkei

TOKYO, July 12 (Reuters) - Japan’s largest consumer electronics retailer Yamada Denki will buy smaller rival Best Denki for more than 10 billion yen ($126 million) by acquiring new shares in Best Denki, the Nikkei business daily reported on Thursday.

Through the acquisition, Yamada will secure sales of more than 2 trillion yen annually, the paper said. It did not cite its sources.

Yamada, which already owns a 7.5 percent stake in Best Denki, will boost its stake to more than 50 percent, the Nikkei said. Best Denki will remain listed, the paper said. ($1 = 79.6600 Japanese yen) (Reporting by Junko Fujita; Editing by Chang-Ran Kim)

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