VLC Holdings Co., Ltd. (NSE:2467) agreed to acquire House Bank International, K.K. from Setoguchi Housing Co.,Ltd. for approximately ¥220 million on January 10, 2014. House Bank International had sales of ¥813 million, net assets of ¥127 million, total assets of ¥501 million, EBIT of ¥26 million and net income of ¥7 million for the year ended May 31, 2013. The transaction is subject to approval from the shareholders of VLC Holdings.

VLC Holdings Co., Ltd is issuing 1.17 million shares as part of the consideration with the exchange ratio of 5860 per share. The transaction is expected to close by January 31, 2014. Japan Central Accounting acted as a valuer in the transaction.