Mitsubishi Estate Co., Ltd. (TSE:8802) entered into a share exchange agreement to acquire remaining 45.6% stake in Royal Park Hotel Co., Ltd. for ¥2.5 billion on May 26, 2021. Mitsubishi Estate Co., Ltd. will issue 0.025 shares for each share of Royal Park Hotel Co., Ltd. and will issue 1.37 million shares as consideration. Prior to the transaction, Mitsubishi Estate Co., Ltd. held 54.4% stake in Royal Park Hotel Co., Ltd. After the transaction, Royal Park Hotel Co., Ltd. will operate as a wholly owned subsidiary of Mitsubishi Estate Co., Ltd. Royal Park Hotel Co., Ltd. reported net assets of ¥4.26 billion and total assets of ¥13.17 billion as at March 31, 2021. Royal Park Hotel Co., Ltd. reported sales of ¥3.06 billion and operating loss of ¥2.84 billion during the year ending March 31, 2021. The transaction is subject to approval of shareholders of Royal Park Hotel Co., Ltd. in a meeting to be held on June 23, 2021. Mitsubishi Estate Co., Ltd. and Royal Park Hotel Co., Ltd. approved the transaction on May 26, 2021. The transaction does not require approval of shareholders of Mitsubishi Estate Co., Ltd. The transaction is expected to close on August 1, 2021. DELOITTE TOHMATSU FINANCIAL ADVISORY LLC calculate the exchange ratio for Mitsubishi Estate Co., Ltd. PLUTUS CONSULTING CO., LTD. calculate the exchange ratio for Royal Park Hotel Co., Ltd.