Kintetsu Group Holdings Co.,Ltd. and Kinso Co., Ltd. completed the acquisition of Sakae Co., Ltd. from Asahi Co., Ltd. on December, 2020.
December 30, 2020
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Kintetsu Group Holdings Co.,Ltd. (TSE:9041) and Kinso Co., Ltd. entered into an agreement to acquire Sakae Co., Ltd. from Asahi Co., Ltd. (TSE:3333) on November 12, 2020. Kintetsu Group Holdings Co.,Ltd. will acquire 15.8 million shares representing 99% stake and Kinso Co., Ltd. will acquire 0.16 million shares representing 1% stake in Sakae Co., Ltd. For the year ended May 2020, Sakae Co., Ltd. reported net assets of ¥12.45 billion, total assets of ¥17.13 billion and sales of ¥16.92 billion. The transaction is expected to complete on April 1, 2021. Frontier Management Inc. (TSE:7038) acted as financial advisor to Kintetsu Group Holdings Co.,Ltd. (TSE:9041).
Kintetsu Group Holdings Co.,Ltd. (TSE:9041) and Kinso Co., Ltd. completed the acquisition of Sakae Co., Ltd. from Asahi Co., Ltd. (TSE:3333) on December, 2020.
ASAHI CO., LTD. is a Japan-based company mainly engaged in the sale of bicycles, parts and accessories, as well as the provision of maintenance and repair services for bicycles. Its bicycle products include ordinary bicycles, sports bicycles, children bicycles, electric bicycles and foldable bicycles. It is also involved in the sale of bicycle parts and accessories through the Internet. The Company carries bicycles of original brands as well as private brands manufactured from overseas, and provides its products to home centers (HCs).