HITO-Communications, Inc. cancelled the acquisition of 23.5% stake in BBF, Inc. from BroadBand Tower, Inc..
December 12, 2018
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HITO-Communications, Inc. (TSE:3654) concluded a contract to acquire additional 23.5% stake in BBF, Inc. from BroadBand Tower, Inc. (JASDAQ:3776) for ¥1.7 billion on December 13, 2017. As per terms, additional 1410 shares will be acquired. The stake will be acquired in two installments; first HITO-Communications, Inc. will acquire 810 shares and then 600 shares. Post completion, HITO-Communications, Inc. will own 83.5% stake and BroadBand Tower, Inc. will exit from BBF, Inc. For the year ended June 2017, BBF, Inc. reported net assets of ¥2.3 billion, total assets of ¥6.9 billion, sales of ¥3.6 billion. A corporate resolution is announced for the deal on December 13, 2017. It is expected that first installment of acquisition will be done on December 14, 2017 and second on July 2, 2018 .An advisory cost of ¥4 million was incurred in the transaction.
HITO-Communications, Inc. (TSE:3654) cancelled the acquisition of 23.5% stake in BBF, Inc. from BroadBand Tower, Inc. (JASDAQ:3776) on December 13, 2018.
Hito Communications Holdings Inc is a Japan-based company mainly engaged in the outsourcing business, temporary staffing business, electronic commerce (EC) and television shopping (TC) support business, and wholesale business. It operates through four segments. The Outsourcing segment undertakes a series of operations from manufacturers and telecommunications carriers. The Temporary Staffing segment dispatches staff to manufacturers, telecommunications carriers, and supermarkets and general merchandise stores (GMS) according to the needs of the destination. The EC/TC Support segment provides sales support using e-commerce and television shopping. The Wholesale segment is engaged in the manufacture and wholesale of clothing. The Company also provides system development related services, limousine services for the wealthy, land operating services for foreign tourists visiting Japan, social welfare services such as home care and group home management, and online customer services.