Nireco Corporation (JASDAQ:6863) signed a share transfer agreement to acquire Seibu Electric Corporation on May 24, 2021. Upon completion, Seibu Electric Corporation will operate as a subsidiary of Nireco Corporation. Seibu Electric Corporation reported total revenues of ¥449 million and operating income of ¥35 million as of July 2020. The transaction is resolved by the Board of Nireco Corporation. The transaction is expected to close on June 10, 2021. The impact of this matter on our consolidated financial results for the fiscal year ending March 2022 will be minor.

Nireco Corporation (JASDAQ:6863) completed the acquisition of Seibu Electric Corporation in June 2021.