BEENOS Inc. (TSE:3328) agreed to acquire remaining minority unknown stake in Defactostandard, Ltd. (TSE:3545) for ¥1.9 billion on November 21, 2019. As per the terms, BEENOS Inc. will issue 1.13 million of its shares with exchange ratio of 0.29 Defactostandard shares. Post completion of the transaction, BEENOS Inc. will hold 100% stake in Defactostandard, Ltd. The transaction is subject to approval from the shareholders of Defactostandard, Ltd. in its annual general shareholders meeting scheduled on December 19, 2019.

Defactostandard, Ltd. will be delisted on January 9, 2020. As of December 19, 2019, the transaction was approved at the general meeting of shareholders of Defactostandard. The transaction is expected to close on January 14, 2020.

Nishimura & Asahi acted as legal advisor and Daiwa Securities Co. Ltd. acted as financial advisor for BEENOS Inc. City-Yuwa Partners acted as legal advisor and AGS Consulting Co., Ltd. acted as financial advisor for Defactostandard, Ltd.