Kushim, Inc. cancelled the acquisition of 99.9% stake in e frontier, Inc from NCXX Group Inc..
April 26, 2021
Share
iStudy Co., Ltd. (TSE:2345) agreed to acquire 99.9% stake in e frontier, Inc from NCXX Group Inc. (JASDAQ:6634) for ¥80 million on April 27, 2020. As per the transaction, iStudy Co., Ltd. will acquire 20 million share representing 99.9% stake from NCXX Group Inc. The agreement between the parties will be signed on April 28, 2020. Upon completion, e frontier, Inc will become the subsidiary of iStudy Co., Ltd.
For the financial year October 30, 2019, e frontier, Inc reported revenue of ¥143 million, total asset of ¥633 million, net income of ¥471 million, total common equity of ¥511 million and operating income ¥21 million. The transaction is expected to completed by May 15, 2020.
Kushim, Inc. (TSE:2345) cancelled the acquisition of 99.9% stake in e frontier, Inc from NCXX Group Inc. (JASDAQ:6634) on April 27, 2021.
NCXX Group Inc is a Japan-based company engaged in Internet of Things (IoT) business, Internet travel business, brand retail platform business, virtual currency block chain business and other business. The Company operates through five business segments. The Brand Retail Platform segment is engaged in retail of general merchandise and clothing, restaurant business, and others. The Internet Travel segment is engaged in the provision of e-marketplace operation for travel-related products, travel agency service and others. The IoT segment is engaged in the development and sales of communication devices using wireless system, the provision of system solution and maintenance service and others. The Virtual Currency Block Chain segment is engaged in the investment in cryptocurrencies, the development and operation of derivative products and others. The Others segment is engaged in the provision of consulting services in financial strategy, business strategy and recruitment support area.
NCXX GROUP INC. 
