Heiwa Corp. (TSE:6412) concluded a contract to acquire remaining 19.63% stake in PGM Holdings K.K. (TSE:2466) from The Vanguard Group, Inc., Norges Bank Investment Management, Nomura Asset Management Co., Ltd. and other shareholders for ¥32.4 billion on May 13, 2015. Under the terms of the agreement, Heiwa will issue 0.54 shares of Heiwa for each share of PGM Holdings. Heiwa Corp. will issue 12.57 million shares as consideration. PGM Holdings will delist on July 29, 2015 as a result of the transaction and will operate as a wholly owned subsidiary of Heiwa.

The Board of Heiwa Corp. and PGM Holdings passed a resolution for the transaction on May 13, 2015. A meeting of shareholders of PGM Holdings will be held on June 23, 2015. The deal is expected to close on August 1, 2015. Nomura Securities acted as the valuer to Heiwa Corporation and Tokyo Kyodo Accounting Office acted as the valuer for PGM Holdings. TMI Associates acted as the legal advisor to Heiwa Corporation and Nishimura & Asahi acted as the legal advisor to PGM Holdings.