Kintetsu Corporation (TSE:9041) agreed to acquire an additional 25% stake in Hakone Kogen Hotel Co. Ltd. from KNT-CT Holdings Co., Ltd. (TSE:9726) for approximately ¥410 million on December 25, 2013. KNT-CT Holdings Co., Ltd. will sell its entire 25% stake comprising 0.03 million shares while Kintetsu Corporation will increase its holding to 81.67% stake in Hakone Kogen Hotel Co.

Ltd. For the year ended December 2012, Hakone Kogen Hotel Co., Ltd. had net assets of ¥1.49 billion, total assets of ¥2.93 billion, sales of ¥711 million, operating profit of ¥20 million, ordinary profit of ¥37 million, and net profit of ¥25 million. An agreement will be signed on December 25, 2013. Board of Directors of KNT-CT Holdings Co., Ltd. made a resolution in favor of the transaction on December 25, 2013.

The transaction is expected to close on December 26, 2013.