Grace Technology, Inc. (TSE:6541) agreed to acquire HOTARU Co., Ltd. from Ryoichi Toriyama for ¥1.4 billion on November 11, 2020. Under the terms of transaction, Grace Technology will purchase 0.004 million shares. Following acquisition, HOTARU will operate as wholly owned subsidiary of Grace Technology. Grace Technology raised unsecured funds of ¥1.427 billion from Sumitomo Mitsui Banking Corporation for the purpose of allocating funds for the acquisition of all shares of HOTARU. For fiscal year ending August 2020, HOTARU reported total assets of ¥2.529 billion, net worth of ¥1.224 billion, amount of sales of ¥1.374 billion, operating income of ¥133 million and net income of ¥86 million. Date of execution of share transfer is expected to be November 13, 2020.