TOKYO — Culture Convenience Club, operator of Japan’s biggest rental video chain, has inked a basic agreement to take over the Japan biz of package software retailer HMV, CCC announced on Thursday.
The agreement was concluded with HMV Japan and major HMV shareholder Daiwa Securities SMBC Principal Investments. The price has yet to be decided, but CCC has exclusive negotiating rights. The final deal is expected to be inked by the end of June.
Exploiting the HMV brand and its expertise in retailing pic and music package software, both in-store and online, CCC plans to create new synergies, especially in the area of e-commerce, backed by its chain of 1,400 stores serving 34 million members. Launched in 1990, HMV Japan has a total capital of $206 million. The HMV brand will continue following its buy-out by CCC.