Hagiwara Electric Holdings Co., Ltd. (TSE:7467) agreed to acquire Osaki Engineering Co., Ltd. from Osaki Electric Co., Ltd. (TSE:6644) for Ñ1.76 billion on August 25, 2022. As per the terms, Hagiwara Electric Holdings will acquire 5,167,120 shares of Osaki Engineering. The acquisition is expected to close on September 30, 2022.

The cash generated from the share transfer will be effectively used to grow the smart meters & solutions business, which is the Group's core business.