Johnson Health Tech. Co., Ltd. signed a letter of intent to acquire 60% in Fuji Medical Instruments Mfg.Co.,Ltd. from Asahi Life & Health Corporation for ¥6.2 billion.
October 28, 2019
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Johnson Health Tech. Co., Ltd. (TSEC:1736) signed a letter of intent to acquire 60% in Fuji Medical Instruments Mfg.Co.,Ltd. from Asahi Life & Health Corporation for ¥6.7 billion on October 29, 2019. On December 20, 2019, Johnson Health Tech. Co., Ltd. (TSEC:1736) executed a share transfer agreement to acquire 60% in Fuji Medical Instruments Mfg.Co.,Ltd. from Asahi Life & Health Corporation for ¥6.2 billion. As per the terms, 0.18 million shares will be acquired. The consideration will be finalized in definitive agreement. Post completion, Asahi Life & Health Corporation will hold 40% in Fuji Medical Instruments Mfg.Co.,Ltd. and Fuji Medical Instruments Mfg.Co.,Ltd. will operate as a joint venture. For the year ended March 31, 2019, Fuji Medical Instruments Mfg.Co.,Ltd. reported revenues of ¥18.3 billion, total assets of ¥9.1 billion, operating profit of ¥1.1 billion, net income of ¥613 million and net assets of ¥4.2 billion. Post completion, name and address of Fuji Medical Instruments Mfg.Co.,Ltd. will be same and all of its employees will be retained. As of February 11, 2020, Board of Directors of Johnson Health Tech agreed on this transaction. An agreement is expected to be signed in early December 2019 and the deal is expected to close in early February 2020. KPMG Taiwan acted as due diligence provider to Johnson Health Tech. Co., Ltd.
Johnson Health Tech .Co., Ltd. is a Taiwan-based company principally engaged in the research, development, design, manufacture and sales of cardiopulmonary resuscitation fitness machines and weight training machines, as well as the provision of after-sales services. The Company's main products include electric treadmills, vertical and lying exercise bikes, elliptical machines, rowing machines, steppers, weight training machines, electric massage chair series and others. The Company distributes its products in domestic market and to overseas markets, including Europe, the Americas, the rest areas of Asia and others.
Johnson Health Tech. Co., Ltd. signed a letter of intent to acquire 60% in Fuji Medical Instruments Mfg.Co.,Ltd. from Asahi Life & Health Corporation for ¥6.2 billion.