Convenience retailer FamilyMart is to acquire Am/pm Japan for ¥12bn (£80.1m) from parent company Rex Holdings.

FamilyMart, Japan’s third largest convenience chain, plans to absorb Am/pm next year and will rebrand the stores over the next two years.

The chain will be acquired in partnership with its main shareholder Itochu. The merged company will have 8,700 outlets in Japan, approaching the size of nearest rival convenience chain, Lawson. Lawson abandoned a ¥14.5bn (£968m) to buy the chain earlier this year.

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