Kintetsu Group Holdings Co.,Ltd. (TSE:9041) and Kinso Co., Ltd. entered into an agreement to acquire Sakae Co., Ltd. from Asahi Co., Ltd. (TSE:3333) on November 12, 2020. Kintetsu Group Holdings Co.,Ltd. will acquire 15.8 million shares representing 99% stake and Kinso Co., Ltd. will acquire 0.16 million shares representing 1% stake in Sakae Co., Ltd. For the year ended May 2020, Sakae Co., Ltd. reported net assets of ¥12.45 billion, total assets of ¥17.13 billion and sales of ¥16.92 billion. The transaction is expected to complete on April 1, 2021.

Frontier Management Inc. (TSE:7038) acted as financial advisor to Kintetsu Group Holdings Co.,Ltd. (TSE:9041).