Hino Motors, Ltd. (TSE:7205) concluded a Memorandum of Understanding to acquire Mitsubishi Fuso Truck and Bus Corporation from group of sellers on May 30, 2023. The sellers in the transaction are Daimler Truck AG, MUFG Bank, Ltd, Mitsubishi Heavy Industries Ltd, Mitsubishi Corporation, Tokio Marine & Nichido Fire Insurance Co., Ltd, Meiji Yasuda Life Insurance, Mitsubishi UFJ Trust and Banking Corporation, AGC Inc., Nippon Yusen Kabushiki Kaisha, Mitsubishi Electric Corporation and Mitsubishi Materials Corporation. signing of definitive agreements is expected to happen in the first quarter of 2024. Mitsubishi Fuso Truck and Bus Corporation reported Net sales of ¥699.3 billion, Total assets worth ¥504.9 billion, Total common equity worth ¥243.8 billion and EBIT of ¥17.9 million as of December 31, 2023. The transaction is subject to approval by the boards of directors, shareholders and regulatory authorities. The transaction is expected to close by the end of 2024. As of February 29, 2024, the process of
obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino Motors' engine certification issues, are still ongoing and as such the original schedule for the transaction has been extended. BofA Securities acted as financial advisor for Daimler Truck. Kohei Koikawa, Atsushi Mizushima and Yotaro Takayama of Nishimura & Asahi acted as legal advisor to Toyota Motor Corporation, parent of Hino Motors, Ltd. (TSE:7205).