Japanese retail giant Aeon has announced its intention to enter negotiations to acquire shares of drugstore major Tsuruha Holdings from a Hong Kong investment fund. If successful, this move could lead to Tsuruha becoming a subsidiary of Aeon, potentially forming a ¥2 trillion drugstore alliance within the group.
According to the announcement, Aeon will initiate exclusive negotiations for the acquisition of Tsuruha Holdings shares held by Hong Kong investment fund “Oasis Management.”
Oasis currently holds approximately 13% of Tsuruha’s shares, and the specifics of the acquisition, including the number of shares, financial terms, and timing, will be discussed in future negotiations.
While Aeon currently owns over 13% of Tsuruha’s shares through a capital and business alliance, if Aeon acquires all shares from Oasis in these negotiations, it would become a significant majority shareholder with over 26%. This could potentially lead to Tsuruha becoming a subsidiary of Aeon under the equity method.
Aeon stated that the reason for entering these acquisition negotiations is to “maintain and strengthen the relationship based on the capital and business alliance with Tsuruha.”
Aeon already has the leading drugstore chain Welcia Holdings, with annual sales exceeding ¥1 trillion, under its umbrella. If the negotiations are successful, a massive drugstore alliance with combined sales of ¥2 trillion, including Tsuruha, could be on the horizon. The outcome of these negotiations is eagerly awaited in the business community.

Tsuruha Drug, a prominent drugstore chain operating nationwide with a focus on Tsuruha Drug and Kusuri no Tsuruha, is headquartered in Sapporo, Hokkaido. Established in 1975, Tsuruha has excelled in the drugstore industry, consistently maintaining a leading position in sales with its extensive range of private-label products.
The Tsuruha Group employs a dominant strategy, emphasizing rapid expansion through concentrated regional store openings. Their goal is to be a drugstore that provides customers with a sense of “security” and “trust” always within reach. Currently, the Tsuruha Group operates over 2,000 stores across Japan and Thailand.
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