Tokyu Corporation (TSE:9005) agreed to acquire the remaining 51.1% stake in Tokyu Recreation Co., Ltd. (TSE:9631) from Tokyu Fudosan Holdings Corporation (TSE:3289), Toei Company, Ltd. (TSE:9605), Shochiku Co., Ltd. (TSE:9601), MSIP Client Securities, Kinden Corporation (TSE:1944) and others for approximately Ñ20.4 billion on September 14, 2022. Under the terms of transaction, For each share of Tokyu Recreation stock, Tokyu Corporation will issue 3.6 shares. Post completion, Tokyu Recreation will become a wholly owned subsidiary of Tokyu Corporation.

The transaction has been approved by the board of Tokyu Recreation. Transaction is still subject to approval by the shareholders of Tokyu Recreation in an extraordinary general meeting of shareholders to be held on November 21, 2022. The common shares of Tokyu Recreation Co., Ltd. are scheduled to be delisted from the Standard market of the Tokyo Stock Exchange on December 29, 2022 (the final trading day will be December 28, 2022) in advance of the effective date of the Share Exchange on January 1, 2023.

Daiwa Securities Co. Ltd. acted as financial advisor to Tokyu Recreation. TMI Associates acted as a legal advisor to Tokyu Recreation.