Sumitomo Corporation (TSE:8053) concluded an agreement to acquire an additional 26.08% stake in Sumitomo Precision Products Co., Ltd. (TSE:6355) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401) for ¥5.2 billion on March 27, 2017. As reported, Sumitomo Corporation will acquire an additional 13.7 million shares through off-market transaction and will hold 27.75% stake in Sumitomo Precision Products Co. post completion. The sale is subject to satisfaction of the conditions precedent, which include, among other conditions, the completion of certain procedures required by domestic and foreign competition laws. The acquisition is expected to close on April 27, 2017. As of April 27, 2017, the closing date is postponed to May 9, 2017. The impact of the deal on financial results of Nippon Steel & Sumitomo Metal Corporation is immaterial. Lex Papasolomontos, Filip Gavanksi, Michael Dietrich and Maximilian Zedtwitz of Herbert Smith Freehills acted as legal advisors to Sumitomo Corporation.

Sumitomo Corporation (TSE:8053) completed the acquisition of an additional 26.08% stake in Sumitomo Precision Products Co., Ltd. (TSE:6355) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401) on May 9, 2017.