Daiken Corporation (TSE:7905) agreed to acquire 51% stake in CIPA Lumber Co. Ltd. and Pacific Woodtech Corporation from ITOCHU Corporation (TSE:8001) and ITOCHU International Inc. for ¥13 billion on February 25, 2019. Daiken Corporation entered into a contract to acquire 51% stake in CIPA Lumber Co. Ltd. and Pacific Woodtech Corporation from ITOCHU Corporation and ITOCHU International Inc. on February 26, 2019. As reported, Daiken Corporation will acquire 0.62 million shares in CIPA Lumber Co. Ltd from ITOCHU Corporation for ¥10.9 billion and 0.17 million shares in Pacific Woodtech Corporation from ITOCHU International Inc. for ¥2.1 billion. By share transfer execution date, all shares of Pacific Woodtech Corporation are scheduled to be acquired by by ITOCHU Corporation from ITOCHU International Inc. For the fiscal year ended March 2018, CIPA Lumber Co. Ltd. reported net assets of ¥9.1 billion, total assets of ¥10.8 billion and sales of ¥15.6 billion. For the fiscal year ended March 2018, Pacific Woodtech Corporation reported net assets of ¥4.6 billion, total assets of ¥10.8 billion and sales of ¥18.5 billion. The transaction was resolved by the Board of Directors of Daiken Corporation on February 25, 2019. The share transfer execution date is planned as early-April 2019. J.P. Morgan acted as financial advisor to ITOCHU Corporation. Tarun M. Stewart of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to ITOCHU Corporation.

Daiken Corporation (TSE:7905) completed the acquisition of 51% stake in CIPA Lumber Co. Ltd. and Pacific Woodtech Corporation from ITOCHU Corporation (TSE:8001) and ITOCHU International Inc. on June 28, 2019.