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.