Magionet Co.,Ltd. entered into an agreement to acquire Nittsu Driving School Co., Ltd from Nippon Express Co., Ltd. (TSE:9062) on February 22, 2021. The transaction will be affected through the transfer of all rights and obligations of Nittsu Driving School to Suginami Driving School Co., Ltd., newly established by Nippon Express for the purpose of succeeding the business related to this transaction. Simultaneously, all stock of Suginami Driving School will be transferred to Magionet. Following the transaction, Nittsu Driving School will be dissolved and liquidated. Considering synergies within the Nippon Express Group, the group has entered into this transaction which will lead to further growth of the Magionet Group and improved corporate value, as well as the development of the Magionet Group’s driving school business. The stock transfer is expected to occur on March 31, 2021.