Mitsubishi Nichiyu Forklift Co.,Ltd and Mitsubishi Heavy Industries Ltd. (TSE:7011) agreed to acquire UniCarriers Holdings from Innovation Network Corporation of Japan, Hitachi Construction Machinery and Nissan Motor Co., Ltd. for approximately ¥110 billion on July 31, 2015. Mitsubishi Nichiyu Forklift and Mitsubishi Heavy Industries will acquire 0.38 million shares of UniCarriers Holdings. Mitsubishi Heavy Industries and Mitsubishi Nichiyu Forklift will hold 65% and 35% respectively in UniCarriers. The adjustment to the acquisition price will be made after the execution of share transfer. The share acquisition capital will come from cash reserves and bank loans.

For the period ending March 31, 2015, UniCarriers Holdings net assets of ¥56.83 billion, total assets of ¥188.52 billion, revenues of ¥184.2 billion, operating income of ¥9.57 billion, net income of ¥5.33 billion. The Board of Directors of Mitsubishi Nichiyu Forklift and Mitsubishi Heavy Industries approved the transaction on July 31, 2015. The agreement is subject to approval by the relevant authorities based on competition laws applicable in Japan and other countries. The transaction is expected to close by December 30, 2015. On December 17, 2015, deal received approval from South Africa Competition Council. On December 18, 2015, it was announced that the transaction is now expected to close by March 2016. On January 22, 2016, the deal was approved by European Commission. Citibank Japan Ltd. acted as financial advisor to UniCarriers Corporation. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Mitsubishi Nichiyu Forklift Co.,Ltd and Mitsubishi Heavy Industries Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor to Mitsubishi Nichiyu Forklift Co.,Ltd.

Mitsubishi Nichiyu Forklift Co.,Ltd and Mitsubishi Heavy Industries Ltd. (TSE:7011) completed the acquisition of UniCarriers Holdings from Innovation Network Corporation of Japan, Hitachi Construction Machinery and Nissan Motor Co., Ltd. on March 31, 2016.