Tensho Electric Industries Co., Ltd. (TSE:6776) agreed to acquire an additional 29.6% stake in Tensho America Corporation from Sanko Real Estate Co., Ltd for $3.5 million on June 28, 2018. Tensho Electric will acquire 7,700 shares in this transaction. Post-completion, the stake owned by Tensho Electric in Tensho America will increased to 65% from 35.4% and Tensho America will become a subsidiary of Tensho Electric while stake owned by Sanko Real Estate in Tensho America will decreased to 35% from 64.6%. Tensho Electric will sign the contract on June 29, 2018. For fiscal year ended December 2017, Tensho America reported consolidated net assets of $11.9 million, total assets of $17.3 million, sales of $11.34 million and operating income of $0.13 million. The transaction is approved by the Board of Tensho Electric and is expected to complete on June 29, 2018.