Seino Holdings Co., Ltd. agreed to acquire 66.60% stake in Mitsubishi Electric Logistics Corporation from Mitsubishi Electric Corporation for ¥57.3 billion.
Seino Holdings Co., Ltd. (TSE:9076) agreed to acquire 66.60% stake in Mitsubishi Electric Logistics Corporation from Mitsubishi Electric Corporation (TSE:6503) for ¥57.3 billion on June 18, 2024. A cash consideration of ¥57.28 billion will be paid by Seino Holdings Co., Ltd. As part of consideration, ¥57.28 billion is paid towards common equity of Mitsubishi Electric Logistics Corporation.
For the period ending March 31, 2024, Mitsubishi Electric Logistics Corporation reported total revenue of ¥106.28 billion and EBIT of ¥3.08 billion. As of March 31, 2024, Mitsubishi Electric Logistics Corporation reported total assets of ¥68.07 billion and total common equity of ¥51.48 billion.
The expected completion of the transaction is October 1, 2024.
Mitsubishi Electric Corp is a Japan-based company engaged in the industry mobility, life and other businesses. The Company operates in six business segments. The Infrastructure segment is engaged in the social systems, power systems, defense and space and systems businesses, and provides electrical equipment for railway vehicles, wireless communication equipment and others. The Industry & Mobility segment is engaged in the factory automation (FA) system business and the automotive equipment business. The Life segment is engaged in the building system business and the air conditioning and home appliances business. The Business Platform segment is involved in the information systems and services business. The Semiconductor Device segment is involved in the electronic devices business. The Other segment provides materials procurement, logistics, real estate, advertising and publicity and finance.
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Seino Holdings Co., Ltd. agreed to acquire 66.60% stake in Mitsubishi Electric Logistics Corporation from Mitsubishi Electric Corporation for ¥57.3 billion.
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