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. (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 is a Japan-based company principally engaged in the operation of consumer-to-consumer (CtoC) platforms. The Company operates through two segments. The Japan Region segment operates Marketplace, which operates the Mercari flea market app in Japan, as well as payment and finance and cryptocurrency-related businesses in Japan. The US segment operates the Mercari flea market app in the United States. The Company also engages in sports business and other businesses.
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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.
