Tokyu Corporation entered into a share exchange agreement to acquire 43.7% stake in Nagano Tokyu Department Store Co., Ltd. from a group of shareholders for approximately ¥740 million.

Tokyu Corporation (TSE:9005) entered into a share exchange agreement to acquire 43.7% stake in Nagano Tokyu Department Store Co., Ltd. (JASDAQ:9829) from a group of shareholders for approximately ¥740 million on March 16, 2021. Under the terms of the transaction, Tokyu Corporation will acquire 0.42 million shares in Nagano Tokyu Department Store Co., Ltd. and deliver 1.14 shares of common stock of Tokyu Corporation for each Nagano Tokyu Department Store Co., Ltd. share. Upon completion of the transaction, Tokyu Corporation will own 100% stake in Nagano Tokyu Department Store Co., Ltd. The transaction was approved by the Board of Directors of Nagano Tokyu Department.

Nagano Tokyu Department Store received approval for the share exchange agreement at its Annual General Meeting of Shareholders held on April 21, 2021. The transaction is expected to close on May 28, 2021. As of May 13, 2021, the transaction is expcted to complete on June 1, 2021.

SMBC Nikko Securities Inc. acted as financial advisor while Nakamura, Tsunoda & Matsumoto acted as legal advisor to Nagano Tokyu Department Store Co., Ltd. Anderson Mori & Tomotsune LPC acted as legal advisor to Tokyu Corporation.