CrowdWorks Inc. (TSE:3900) agreed to acquire remaining 33% stake in DENEN Co. Ltd. from Gaiax Co.Ltd. (NSE:3775) for approximately ¥320 million on February 14, 2018. The contract will be concluded on February 28, 2018. Under the terms of the transaction, CrowdWorks Inc. will acquire 231 shares of DENEN Co. Ltd. The transaction will be financed through loan of ¥316 million from Sumitomo Mitsui Banking Corporation and Rakuten Bank, Ltd. Upon completion, DENEN Co. Ltd. will become wholly owned subsidiary of CrowdWorks Inc. For the year ended December 2017, DENEN Co. Ltd. reported total assets of ¥1.5 billion, net assets of ¥252 million, sales of ¥2.3 billion, operating profit of ¥66 million, and net profit of ¥6 million. The transaction is expected to be completed on February 28, 2018.

CrowdWorks Inc. (TSE:3900) cancelled the acquisition of remaining 33% stake in DENEN Co. Ltd. from Gaiax Co.Ltd. (NSE:3775) on February 14, 2019.