Belluna Co., Ltd. cancelled the acquisition of Maxim Co., Ltd. from C Channel Corporation.
November 23, 2020
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Belluna Co., Ltd. (TSE:9997) entered into a contract to acquire Maxim Co., Ltd. from C Channel Corporation (TSE:7691) for ¥1.7 billion on October 21, 2020. Under the terms of the transaction, Belluna will acquire 75 shares in Maxim. Post completion, Maxim will operate as a subsidiary of Belluna. Maxim had net worth of ¥361.2 million, total assets of ¥1.5 billion, sales of ¥5.7 billion, operating income of ¥120.7 million and net income of ¥91.6 million for the year ended March 31, 2020. The Board of Directors of Belluna resolved the transaction. The share transfer agreement is expected to be concluded on October 22, 2020 and the transaction is expected to close on November 24, 2020. The impact of the acquisition of shares on the consolidated financial results of Belluna for the current fiscal year will be minor.
Belluna Co., Ltd. (TSE:9997) cancelled the acquisition of Maxim Co., Ltd. from C Channel Corporation (TSE:7691) on November 24, 2020. The transaction was terminated since the final closing conditions was not met.
C Channel Corp is a Japan-based company mainly engaged in the media business, electronic commerce (e-commerce) business and overseas business. The Company operates in three business segments. The Media segment is engaged in the provision of native video advertising services that plans, produces and distributes video advertising content for corporates, as well as the advertising and ad network services, event holding services, sample product sales services and influencer marketing services through the video media application C CHANNEL and mama+ in Japan. The E-commerce segment is engaged in the sale of apparel products, beauty equipment and cosmetic products in Japan through applications and social networking services (SNS). The brands include KOBE LETTUCE, Isn't She?, N WITH., and BELL PALETTE. The Overseas segment is engaged in the overseas expansion of the C CHANNEL business mainly in the Asian regions such as China, Indonesia, Philippines, Singapore, Malaysia and Vietnam.
C CHANNEL CORPORATION 
