Mercari, Inc. completed the acquisition of 88.78% stake in Michael, Inc. from Industrial Growth Platform, Inc., Makoto Fukuyama, Tetsuhiro Ueda, Yohei Nishimura and Shinya Hisano.
November 07, 2018
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Mercari, Inc. (TSE:4385) concluded a share exchange agreement to acquire remaining 88.78% stake in Michael, Inc. from Industrial Growth Platform, Inc., Makoto Fukuyama, Tetsuhiro Ueda, Yohei Nishimura and Shinya Hisano on October 18, 2018. Under the transaction, Mercari, Inc. will issue 0.39 million share with the exchange ratio of 1:194.83. Mercari, Inc. will acquire 2,010 common equity and 127 preference share. During the financial year ended July 2018, Michael, Inc. reported net assets of ¥88 million, total assets of ¥133 million, operating loss of ¥197 million, net loss of ¥197 million. Extraordinary general meeting of shareholders on the approval of the share exchange is scheduled for November 7, 2018. The transaction has been resolved by the Board of Mercari, Inc. The transaction is expected to be completed by November 8, 2018.
Mercari, Inc. (TSE:4385) completed the acquisition of 88.78% stake in Michael, Inc. from Industrial Growth Platform, Inc., Makoto Fukuyama, Tetsuhiro Ueda, Yohei Nishimura and Shinya Hisano on November 8, 2018.
Mercari, Inc. specializes in the development and operation of a C2C marketplace, dedicated to the buying and selling of new and used items from smartphones. In addition, the group offers mobile payment solutions and services (Merpay) and is developing a cryptocurrency and digital asset exchange platform, using blockchain technology (Mercoin).
Net sales are distributed geographically as follows: Japan (71%), the United States (25.8%) and other (3.2%).
Mercari, Inc. completed the acquisition of 88.78% stake in Michael, Inc. from Industrial Growth Platform, Inc., Makoto Fukuyama, Tetsuhiro Ueda, Yohei Nishimura and Shinya Hisano.
MERCARI, INC. 
