Virtualex Consulting, Inc. (TSE:6193) agreed to acquire 70.4% stake in Time Intermedia Corporation from Takayuki Sato and others for approximately ¥290 million on January 16, 2017. Under the terms of the transaction, Virtualex Consulting, Inc. will acquire 2399 shares and pay ¥201 million in cash and ¥86 million in investment in kind. The funds in cash to make the company concerned into a subsidiary will be from a ¥300 million loan from The Bank of Tokyo-Mitsubishi UFJ, Ltd. For the financial year ended October, 2016, Time Intermedia Corporation had total revenues of ¥1.6 billion, total assets of ¥1 billion, EBIT of ¥18.8 million, net income of ¥2.8 million and net assets of ¥222.6 million.

The transaction was resolved by the Board of Directors of Virtualex Consulting, Inc. on January 16, 2017. The transaction is expected to close on February 1, 2017.