Shin Pro Maint Inc. (TSE:6086) signed a basic agreement to acquire TESCO Co., Ltd. from NOMURA Co., Ltd. (TSE:9716) on February 16, 2017. Definitive agreement will be concluded on April 13, 2017. The conclusion of final contract is scheduled on April 27, 2017. The consideration is currently undecided but comprises issuance of common stock, cash and treasury shares of Shin Pro Maint Inc. Shin Pro Maint Inc. signed a share exchange agreement to acquire TESCO Co., Ltd. from NOMURA Co., Ltd. for approximately ¥940 million on April 27, 2017. Shin Pro Maint Inc. will issue 0.014067 common share and ¥46 for each share of TESCO. Post completion, TESCO Co., Ltd. will operate as a wholly-owned subsidiary of Shin Pro Maint Inc. For the year ended February 29, 2016, TESCO Co., Ltd. reported net assets of ¥2.7 billion, total assets of ¥3.8 billion, sales of ¥8.9 billion, operating income of ¥37 million and net loss of ¥111 million.

The Board of Directors of Shin Pro Maint Inc. resolved the deal on February 16, 2017. The deal is subject to approval from shareholders of Shin Pro Maint Inc. due in the ordinary general meeting in the end of May 2017. As on April 10, 2017, the negotiation period has been extended. The deal is expected to close on September 1, 2017. Aiwa Tax Accountants Corporation and Aoyama Trust Accounting Firm Co., Ltd. acted as third party appraiser for Shin Pro Maint and NOMURA.

Shin Pro Maint Inc. (TSE:6086) completed the acquisition of TESCO Co., Ltd. from NOMURA Co., Ltd. (TSE:9716) on September 1, 2017.