Kinki Nippon Tourist Co., Ltd. (TSE:9726) agreed to acquire Club Tourism international, Inc. from Kintetsu Corporation (TSE:9041), Kintetsu Bus Co.,Ltd. and others for ¥17 billion in stock on August 7, 2012. Kinki Nippon Tourist Co., Ltd. will allocate 8,500 shares of its common stock for each share of Club Tourism International, Inc. and will issue a total of 160.56 million shares. Conclusion of share exchange contract has been done on August 10, 2012. After completion, Kinki Nippon will transform into a holding company and will change its name. For the period ending March 31, 2012, Club Tourism international, Inc. reported net assets of ¥6.48 billion, total assets of ¥31.32 billion, sales of ¥138.8 billion, operating profit of ¥1.84 billion, ordinary profit of ¥2.05 billion and net profit of ¥1.2 billion.

The share exchange is subject to approvals of shareholders' meetings of Kinki Nippon Tourist Co., Ltd. and Club Tourism International, Inc. and authorities approvals. The extraordinary shareholders' meeting will be held in late November 2012. The transaction is expected to close by January 1, 2013. Mitsubishi UFJ Morgan Stanley Securities acted as valuer for Kinki Nippon Tourist. Nomura Securities Co., Ltd. acted as valuer to Club Tourism international, Inc.