OKWAVE, Inc. (NSE:3808) signed an agreement to acquire 3.2% stake in Beat Holdings Limited (TSE:9399) for ¥1.5 billion on October 7, 2019. As per the transaction, OKWAVE, Inc. will acquire 0.8 million common shares at ¥1814.8 per share and 0.23 million Class A preferred stock at ¥177.8 per share. OKWAVE, Inc. shall pay ¥300 million on October 8, 2019, ¥200 million on November 29, 2019, ¥500 million on February 28, 2020 and ¥500 million on May 29, 2020.

As of November 27, 2019, partial changes in the share transfer agreement was filed in which OKWAVE, Inc will acquire 2.47% stake in Beat Holdings Limited for ¥1.4 billion. As per changes made in the agreement, OKWAVE, Inc. will acquire 0.8 million shares. The consideration of ¥300 million is paid on October 8, 2019, ¥200 million will be paid on November 29, 2019, ¥500 million will be paid on February 28, 2020 and ¥460 million will be paid May 29, 2020.

Beat Holdings Limited will acquire 0.28 million share on November 29, 2019, 0.28 million shares by February 28, 2020 and 0.25 million shares on May 29, 2020. As on February 28, 2020, OKWAVE, Inc. acquired 0.28 million shares of Beat Holdings Limited. As a result of the transaction, OKWAVE, Inc. now owns 0.55 million shares in Beat Holdings Limited.

Completion is scheduled to take place on November 29, 2019. As of November 27, 2019, the transaction will be completed on May 29, 2020.