Yaoko Co., Ltd. (TSE:8279) entered into basic agreement to acquire ave Development Co., Ltd. from Tadaaki Kimura and five individuals on October 10, 2016. A share transfer contract was signed on December 12, 2016 to acquire ave Development for ¥11.5 billion. Yaoko will acquire 998 shares for ¥8.48 billion and 1,050 preferred shares for ¥3 billion. The seller Tadaaki Kimura will sell 29.86% and five individuals will sell 70.14% stake respectively. Post this transaction, ave Development Co., Ltd. will operate as a wholly owned subsidiary of Yaoko Co., Ltd. In a related deal, Yaoko Co., Ltd. agreed to acquire ave Corporation. For the year ended March 31, 2016, ave Development Co., Ltd. reported net assets of ¥1.38 billion, total assets of ¥3.3 billion, sales of ¥68 million, operating loss of ¥520 million and net income of ¥956 million. The board of directors of Yaoko Co., Ltd. resolved the deal. The deal is expected to close by April 3, 2017. Yaoko will incur advisory expenses of ¥40 million.