NEW ART HOLDINGS Co., Ltd. reached an agreement to acquire 70% stake in Est-Ouest Auctions Co., Ltd. from Kei Seki and Florial Co., Ltd. for ¥420 million.
July 09, 2021
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NEW ART HOLDINGS Co., Ltd. (JASDAQ:7638) reached an agreement to acquire 70% stake in Est-Ouest Auctions Co., Ltd. from Kei Seki and Florial Co., Ltd. for ¥420 million on July 9, 2021. Under the terms, NEW ART will issue 0.195 million shares and ¥69.4 million cash to Kei Seki and ¥110.6 million to Florial. As of December 31, 2020, Est-Ouest had net assets of ¥460 million and total assets of ¥845 million. In 2020, Est-Ouest generated revenue of ¥546 million. Transaction is expected to close in July 2021.
New Art Holdings Co Ltd is a Japan-based company mainly engaged in the manufacture and sale of bridal jewelry (engagement rings and wedding rings), the operation of aesthetic salons, the planning and operation of auctions, and the sale of works of art. The Company operates in three business segments. The Jewelry Art Auction segment includes the manufacture and sale of bridal jewelry through the management of GINZA DIAMOND SHIRAISHI and EXELCO DIAMOND, the provision of bridal-related services, the purchase and wholesale of diamond loose (naked stone), the sale of art, the planning and operation of art auctions. The Health and Beauty segment operates the beauty salon La PARLER and manufactures and sells cosmetics and health foods. The Other businesses segment includes credit card business, manufacture and sale of golf equipment, development and manufacture of related sporting goods, and operation and resort business of hotels and wedding halls.
NEW ART HOLDINGS Co., Ltd. reached an agreement to acquire 70% stake in Est-Ouest Auctions Co., Ltd. from Kei Seki and Florial Co., Ltd. for ¥420 million.
NEW ART HOLDINGS CO., LTD. 
