Japan’s Trial Holdings has announced that it will acquire supermarket chain Seiyu for $2.55b (JPY 382.6b) from its current majority owner, U.S. private equity firm KKR (KKR.N), Reuters reported. Trial Holdings said it would finance the acquisition through a combination of existing cash reserves and newly secured bank loans.

Japan's Trial Holdings said on Wednesday it would spend 382.6 billion yen ($2.55 billion) to acquire the Seiyu supermarket chain controlled by U.S. private equity fund KKR. Trial said in a release it would use existing cash and newly arranged bank borrowings to purchase Seiyu and make it a wholly owned subsidiary.

Billionaire Hisao Nagata’s Trial Holdings said the acquisition of Seiyu Co. would expand his company’s sales to more than ¥1.2 trillion.