Virtualex Consulting, Inc. (TSE:6193) agreed to acquire 70.4% stake in Time Intermedia Corporation from Takayuki Sato and others for approximately ¥290 million on January 16, 2017. Under the terms of the transaction, Virtualex Consulting, Inc. will acquire 2399 shares and pay ¥201 million in cash and ¥86 million in investment in kind. The funds in cash to make the company concerned into a subsidiary will be from a ¥300 million loan from The Bank of Tokyo-Mitsubishi UFJ, Ltd. For the financial year ended October, 2016, Time Intermedia Corporation had total revenues of ¥1.6 billion, total assets of ¥1 billion, EBIT of ¥18.8 million, net income of ¥2.8 million and net assets of ¥222.6 million. The transaction was resolved by the Board of Directors of Virtualex Consulting, Inc. on January 16, 2017. The transaction is expected to close on February 1, 2017.

Virtualex Consulting, Inc. (TSE:6193) completed the acquisition of 93.8% stake in Time Intermedia Corporation from Takayuki Sato and others for approximately ¥380 million on February 1, 2017. Virtualex Consulting acquired 3200 shares of Time Intermedia Corporation.