KAYAC Inc. (TSE:3904) agreed to acquire Papillon Inc. from Ryogo Tsuzuki and others on October 26, 2022. For the period ended June 2022, Papillon reported net assets of ¥6.92 million, Total assets of ¥7.6 million, Operating income of ¥-9.9 million and net income of ¥-9.8 million. Transaction is expected to close on November 1, 2022.