NFC Holdings, Inc. (JASDAQ:7169) entered into an agreement to acquire a 99% stake in Asmo Small Amount & Short term Insurance Company from Asmo Corporation (TSE:2654) on December 28, 2021. Under the terms, NFC Holdings, Inc. will acquire 15,840 shares of Asmo Small Amount representing 99% stake. Post acquisition, Asmo Corporation will hold 0% stake in Asmo Small Amount.

Asmo Small Amount & Short term Insurance Company reported sales of ¥436.8 million, total assets of ¥355.8 million, EBIT of ¥14.8 million and net income of ¥10.9 million for the fiscal year ending March 2021. Transaction is subject to the approval of the relevant authorities that require NFC Holdings, the Asmo Corporation of the shares, based on the provisions of the Insurance Business Law regarding major shareholders of small-amount short-term insurance. Asmo Corporation board approved the deal.

Transaction is expected to close on January 31, 2022. Due to the approval of the relevant authorities required by the provisions regarding major shareholders of small-amount short-term insurance under the Insurance Business Law, on March 30, 2022.