HITO-COMMUNICATIONS HOLDINGS,INC. HITO-Communications, Inc. (TSE:3654) concluded a contract to acquire additional 23.5% stake in BBF, Inc. from BroadBand Tower, Inc. (JASDAQ:3776) for ¥1.7 billion on December 13, 2017. As per terms, additional 1410 shares will be acquired. The stake will be acquired in two installments; first HITO-Communications, Inc. will acquire 810 shares and then 600 shares.
Post completion, HITO-Communications, Inc. will own 83.5% stake and BroadBand Tower, Inc. will exit from BBF, Inc. For the year ended June 2017, BBF, Inc. reported net assets of ¥2.3 billion, total assets of ¥6.9 billion, sales of ¥3.6 billion. A corporate resolution is announced for the deal on December 13, 2017. It is expected that first installment of acquisition will be done on December 14, 2017 and second on July 2, 2018 .An advisory cost of ¥4 million was incurred in the transaction.
