Tea Life Co., Ltd. (TSE:3172) signed a contract to acquire Lifeit, K.K. from Katsuhiro Nakagawa on July 12, 2018. Under the terms, Tea Life Co., Ltd will acquire 638 shares of Lifeit, K.K. Post-acquisition, Lifeit, K.K. will become a wholly owned subsidiary of Tea Life Co., Ltd. For the fiscal year ended March 2018, Lifeit, K.K. reported net assets of ¥128 million, total assets of ¥318 million, sales of ¥1.3 billion, operating income of ¥26 million and net income of ¥26 million. The transaction has been resolved by the Board of Directors of Tea Life Co., Ltd at the meeting held on July 12, 2018. The transaction is expected to be completed on August 1, 2018.