freee K.K. (TSE:4478) agreed to acquire Why, Inc. from East Ventures 4 Investment Limited Partnership, managed by East Ventures Pte. Ltd., JAFCO V7 Investment Limited Partnership, Naoya Ishibashi and Kohei Suzuki for approximately ¥1.2 billion on April 19, 2023. Merger agreement was signed on May 15, 2023.

As part of acquisition, 156,308 shares will be acquired. out of which, 133,548 shares are of common stock and 22,760 shares are of Class A preferred stock. 224,360 shares of freee K.K. will be issued for common stock and approximately ¥310 million will be paid in cash for Class A preferred stock.

The transaction is expected to complete on June 1, 2023. As on May 15, 2023, the transaction is expected to complete on July 1, 2023.