Autobacs Seven Co., Ltd. cancelled the acquisition of 9.93% stake in Magnificent’7 Automotive and Franchising Company, Inc.
January 11, 2017
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Autobacs Seven Co., Ltd. (TSE:9832) agreed to acquire 9.93% stake in Magnificent’7 Automotive and Franchising Company, Inc. on January 12, 2016. In a related deal, Autobacs Seven reached an agreement and signed to related documents to enter into a capital and business alliance with Motech Group. The transaction and alliance is not expected to have a material impact on Autobacs Seven's consolidated or non-consolidated business results for the year ending March 31, 2016.
Autobacs Seven Co., Ltd. (TSE:9832) cancelled the acquisition of 9.93% stake in Magnificent’7 Automotive and Franchising Company, Inc. on January 12, 2017.
Autobacs Seven Co Ltd is a Japan-based company primarily engaged in the retail and wholesale of automobile products, the purchase and sale of vehicles, the provision of vehicle inspection and maintenance services, as well as the loan credit business. The Company operates in four segments. The Domestic Autobacs segment is engaged in the wholesale of car products and the leasing of store facilities. The Overseas segment is engaged in the sales of car accessories, the provision of installation service and the maintenance of cars to general consumers. The Car, Dealers and B-to-B segment is engaged in the sales of imported cars, the purchase of used cars and the sales of the cars to second hand car dealers and others. The Others segment is engaged in the leasing business to domestic franchise chain affiliates.
AUTOBACS SEVEN CO., LTD. 
