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.

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.

Four years after Walmart sold a majority stake in Japanese grocery retailer Seiyu for $1.6 billion, it is selling the remainder of its ownership to Trial Holdings in a

Japanese discount supermarket chain operator Trial Holdings Inc said Wednesday it will acquire rival Seiyu Co for 380 billion yen and make it a wholly owned subsidiary, creating a retail group with sales exceeding 1 trillion yen.

KKR and Walmart have agreed to sell Seiyu for about $2.5 billion, ending foreign ownership of one of Japan’s most well-known supermarket operators. The U.S. investment company plans to sell its 85% stake in Seiyu,

KKR & Co. Inc. (KKR) said on Wednesday it will sell its stake in the Japanese distribution and retail business operator Seiyu to Trial Holdings, Inc., representing a “significant outcome” for the private equity giant.