Cocolonet CO., LTD. (JASDAQ:6060) signed a basic agreement to acquire Koriyama Grand Hotel Co., Ltd. from Toshisuke Kawashima, Toshio Kawashima and others for approximately ¥300 million in stock on February 12, 2013. Toshisuke Kawashima is selling its 90.63% and Toshio Kawashima is selling its 5% stake in Koriyama Grand Hotel Co., Ltd. Cocolonet will acquire 0.04 million shares in the transaction and will issue 0.3 million shares comprising 7.5 shares of its common stock for each share of Koriyama Grand Hotel. For the period ending June 2012, Koriyama Grand Hotel Co., Ltd. reported total assets of ¥5.88 billion, net assets of ¥2.59 billion, sales of ¥1.36 billion, operating profit of ¥180 million and net profit of ¥132 million.

The share exchange contract will be concluded on February 21, 2013. The transaction has been resolved by Board of Directors Cocolonet CO., LTD. The transaction is subject to approval by the shareholding commission of Koriyama Grand Hotel Co., Ltd. which is due on March 8, 2013 and the transaction is expected to close by April 1, 2013. Ogata Katsuhiko Certified Public Accountant Office acted as valuation institute for Cocolonet.