Top Culture Co., Ltd. (TSE:7640) concluded a basic agreement to acquire 15 stores mainly in east Japan area of Tsutaya Co., Ltd. on December 28, 2017. Top Culture Co., Ltd. (TSE:7640) will conclude a business transfer agreement to acquire 7 stores mainly in east Japan area of Tsutaya Co., Ltd on March 9, 2018. Under the terms, Top Culture Co., Ltd will pay an amount of ¥1.5 billion for acquiring 7 stores in east Japan area of Tsutaya Co., Ltd which is payable in cash. For the fiscal year ended March 31, 2017, 7 stores mainly in east Japan area of Tsutaya Co., Ltd reported sales of ¥3.2 billion and total assets of ¥1.6 billion. The Board of Directors of Top Culture Co., Ltd. passed a resolution for the transaction on December 28, 2017. The transaction is expected to be completed on March 1, 2018. On March 8, 2018, the transaction is expected to close on May 31, 2018.