IHI Corporation (TSE:7013) executed a share exchange agreement to acquire remaining 49% stake in Meisei Electric Co., Ltd. (TSE:6709) for ¥5.9 billion on May 13, 2021. Under the terms, IHI will issue 0.42 shares for each Meisei shares. Meisei will be delisted after this transaction. Transaction is subject to shareholder of Meisei approval. Transaction has been approved by the Board of IHI and Meisei Electric. Deloitte Tomatsu Financial Advisory and Platus Consulting acted as financial advisors and Nakamura, Tsunoda & Matsumoto as legal advisor for IHI and Meisei. Deloitte Tomatsu Financial Advisory acted as third-party valuation institution and Nishimura & Asahi acted as legal advisors for IHI.

IHI Corporation (TSE:7013) completed the acquisition of remaining 49% stake in Meisei Electric Co., Ltd. (TSE:6709) on August 1, 2021.