Yellow Hat Ltd. (TSE:9882) entered into a share exchange contract to acquire Will Corporation for approximately ¥900 million in stock on March 3, 2014. Yellow Hat will acquire 600 shares of Will Corporation with an exchange ratio of 769 per share. For the year ending October 2013, Will Corporation reported net assets of ¥1.2 billion, total assets of ¥4.4 billion, sales of ¥7.3 billion, operating income of ¥307 million and net income of ¥183 million were reported for Will Corporation. The transaction is subject to approval from shareholders of Will Corporation at a meeting scheduled on March 19, 2014. The Board of Directors of Yellow Hat passed a resolution for the transaction on March 3, 2014. The transaction is expected to be completed on May 1, 2014. Benedi Consulting Co., Ltd acted as the valuer in the transaction for Yellow Hat Ltd.

Yellow Hat Ltd. (TSE:9882) completed the acquisition of Will Corporation on May 1, 2014.