Japanese flour maker Nisshin Seifun is planning to acquire Australian bakery and flour maker Allied Mills from private equity firm Pacific Equity Partners.

Under the pact, Nisshin Seifun will pay approximately A$574 million ($410 million) for Allied Mills.

As a result, Nisshin will purchase the entire 98.9 percent stake in Allied Mills held by Pacific Equity Partners.

Nisshin said the move is as part of a push to boost its overseas flour businesses, having acquired a firm in the United States and New Zealand in 2012 and 2013 respectively, and a Thai business last year.