HITO-Communications, Inc. agreed to acquire 60% stake in BBF, Inc. from Mitsui & Co., Ltd., Broadband Tower, Inc. and Atsushi Tamura for ¥4.3 billion.

HITO-Communications, Inc. (TSE:3654) agreed to acquire 60% stake in BBF, Inc. from Mitsui & Co., Ltd. (TSE:8031), Broadband Tower, Inc. (JASDAQ:3776) and Atsushi Tamura for ¥4.3 billion on June 23, 2017. Under the terms of the agreement, HITO-Communications will acquire 1990 shares from Broadband Tower, Inc., 1410 shares from Mitsui & Co., Ltd. and 200 shares from Atsushi Tamura. For the year ended June 30, 2016, BBF, Inc. reported net assets of ¥723 million, total assets of ¥2.2 billion, sales of ¥6.6 billion, operating profits of ¥467 million and net income of ¥302 million.

The deal is expected to close on June 30, 2017.