Forval Corporation (TSE:8275) agreed to acquire remaining 40% stake in KAELUNETWORKS Inc. from Rui Kobayashi and Atsushi Mogi for approximately ¥430 million on June 9, 2020. Under the terms, Forval will issue 0.36 million shares as consideration to the transaction. KAELUNETWORKS will operate as a wholly owned subsidiary of Forval post transaction. KAELUNETWORKS reported net assets of ¥189 million, total assets of ¥232 million, revenue of ¥400 million and operating income of ¥74 million for the fiscal year ended September 30, 2019. The transaction is not subject to approval from shareholders of Forval. The transaction is expected to close in July 1, 2020.