SAN Holdings, Inc. (TSE:9628) signed a letter of intent to acquire KIZUNA HOLDINGS Corp. (TSE:7086) from Advantage Partners V, Advantage Partners Investment Partnership No. 64, AP Cayman Partners III, L.P. managed by Advantage Partners, Inc,AP3 Co., Ltd. and others for ¥14.9 billion on March 5, 2024. The Total Value of stock acquisition rights amounts to ¥119.8 million. The Board of Directors of KIZUNA HOLDINGS Corp. formed a special committee for the transaction. The transaction is approved by KIZUNA HOLDINGS Corp.'s board of director's. The expected completion of the transaction is August 27, 2024.

City-Yuwa Partners acted as legal advisor for SAN Holdings, Inc. SMBC Nikko Securities Inc. acted as financial advisor for SAN Holdings, Inc. Nomura Securities Co., Ltd. acted as financial advisor for special committee of KIZUNA HOLDINGS Corp. Anderson Mori & Tomotsune LPC acted as legal advisor for special committee of KIZUNA HOLDINGS Corp. es Networks Co., Ltd, Accounting & Auditing Arm acted as accountant for SAN Holdings, Inc.