Bic Camera to acquire majority in Kojima: Nikkei

(Reuters) - Bic Camera Inc (3048.T) will buy a majority stake in rival Kojima Co (7513.T) to create Japan's second-largest consumer electronics discount retailer, with annual group sales of around 1 trillion yen ($12.51 billion), the Nikkei newspaper reported on Friday.

Bic Camera is expected to pay more than 10 billion yen for a 50 percent-plus interest in Kojima in a secondary offering next month, the paper said. Kojima will keep its company name and stock listing, with its stores retaining the Kojima name, the paper said.

The deal will likely become official on Friday, when the boards of the two firms are scheduled to meet, the business daily said.($1 = 79.9500 Japanese yen)

(Reporting by Ayai Tomisawa; Editing by Michael Watson)