ITOCHU Corporation (TSE:8001) signed a share exchange agreement to acquire remaining 0.17% stake in ITOCHU Property Development, Ltd. from Century21 Real Estate of Japan Ltd (JASDAQ:8898) for approximately ¥23.2 million on February 5, 2019. As consideration, ITOCHU Corporation will issue its treasury shares and the exchange ratio is 19.77. ITOCHU Corporation's stake will increase from 99.83% to 100% upon completion. In separate transactions, ITOCHU Corporation also signed share exchange agreements to acquire remaining stakes in Nippon Access Inc, Leilian Co.,LTD. and ITOCHU Logistics Corp. from a group of sellers. The combined consideration for the aforementioned transactions will be paid through issuance of 5.5 million treasury shares of ITOCHU. Upon completion, ITOCHU Property Development, Ltd. will become wholly owned subsidiary of ITOCHU Corporation. There will be no change in name of ITOCHU Corporation as result of acquisition.

As of March 31, 2018 ITOCHU Property Development, Ltd. reported total assets of ¥76.7 billion and net assets of ¥13.25 billion, net sales of ¥41.4 billion, operating income of ¥2.36 billion and net income of ¥2.21 billion. There will be no change in location or business of ITOCHU Corporation as result of acquisition. The Board of ITOCHU Corporation passed a resolution on the transaction on February 5, 2019. The transaction is expected to complete on March 11, 2019 and may be changed subject to an agreement. The transaction has no material impact on consolidated financial performance of ITOCHU Corporation and forecast of net profit for the year ended March 31, 2019 remains unchanged.