Elecom Co., Ltd. (TSE:6750) entered into a basic agreement to acquire 96% stake in DX Antenna Co., Ltd. from Funai Electric Co., Ltd. (TSE:6839) on November 7, 2016. A contract is expected to be signed in mid-January 2017. Elecom Co., Ltd. entered into a share transfer contract to acquire 96% stake in DX Antenna Co., Ltd. from Funai Electric Co., Ltd. for ¥10.4 billion on February 21, 2017. Elecom will acquire 11.2 million shares. On completion, DX Antenna will become a subsidiary of Elecom. For the year ended February 29, 2016, DX Antenna Co., Ltd. reported net assets of ¥11.5 billion, total assets of ¥17 billion, sales of ¥12.1 billion, operating loss of ¥475.2 million and net loss of ¥446 million. The Board of Elecom Co., Ltd. resolved the transaction. The closing is expected at end of February 2017. As of February 21, 2017, the closing is expected in late March 2017. Elecom will spend ¥52 million as advisory cost.

Elecom Co., Ltd. (TSE:6750) completed the acquisition of 96% stake in DX Antenna Co., Ltd. from Funai Electric Co., Ltd. (TSE:6839) on March 30, 2017.