Sega Sammy to Sell Phoenix Resort to Fortress
13:22 JST, May 10, 2024
Tokyo, May 10 (Jiji Press) — Sega Sammy Holdings Inc. said Friday that it will sell subsidiary Phoenix Resort Co., the operator of the Phoenix Seagaia Resort complex in the southwestern Japan city of Miyazaki, to Fortress Investment Group LLC.
Through the sale, Sega Sammy plans to focus its management resources on its mainstay game business and other operations.
The U.S. investment firm, which has strengths in the hotel and other businesses, will lead the management of the resort complex, which includes a hotel and a golf course.
Under the deal, Sega Sammy will sell all Phoenix Resort shares to Fortress and then acquire class shares to be issued by Phoenix Resort to take a 20 % stake on a voting rights basis. The transactions are scheduled to take place on May 31.
"Business" POPULAR ARTICLE
-
China Struggles to Develop Passenger Jet to Rival Boeing, Airbus; Russian Cooperation Falls
-
JR East Eyes Freight-Only Cars for Shinkasen Trains as Japan Logistics Industry Suffers from Labor Shortage
-
JR East Employee in His 70s Earns Doctorate on Safe Train Operations; Believes Accidents Caused by Human Error Can Be Reduced
-
Japanese Cosmetics Firms Competing with South Korean Brands over Inexpensive Products; South Korean Brands Dominating Market Through Social Media
-
Japanese Automakers Team Up on Software Development; Aim to Compete with U.S., China in SDV Market
JN ACCESS RANKING
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Japan-S. Korea Exchange Festival Held in Seoul
- Japan Trying to Draw Digital Nomads, Who Are Seen as Beneficial to Economy, Society
- JICA Employee Suspected of Leaking Info on ODA Project in Manila; Bidding for Railway Renovation May Have Been Impacted
- Asukayama Monorail in Tokyo: Free to Ride!