Akiba Holdings Co., Ltd. (JASDAQ:6840) signed a share exchange contract to acquire 51% stake in Iconic Storage K.k. from Hideaki Nagaki for ¥43 million on March 31, 2016. Akiba will acquire 767 shares of Iconic Storage. In a related transaction, Akiba Holdings Co., Ltd. agreed to acquire 49% stake in Iconic Storage K.k. from Hideaki Nagaki in stock.

The funds for the acquisition of shares will be from funds on hand. Iconic Storage reported for year ending May 2015, total assets of ¥25.23 million, net assets of ¥6.45 million, revenue of ¥70.65 million, operating profit of CNY 0.67 million and net profit of CNY 0.56 million. The transaction is expected to complete on April 1, 2016.