HITO-Communications, Inc. cancelled the acquisition of 23.5% stake in BBF, Inc. from BroadBand Tower, Inc..
December 12, 2018
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HITO-Communications, Inc. (TSE:3654) concluded a contract to acquire additional 23.5% stake in BBF, Inc. from BroadBand Tower, Inc. (JASDAQ:3776) for ¥1.7 billion on December 13, 2017. As per terms, additional 1410 shares will be acquired. The stake will be acquired in two installments; first HITO-Communications, Inc. will acquire 810 shares and then 600 shares. Post completion, HITO-Communications, Inc. will own 83.5% stake and BroadBand Tower, Inc. will exit from BBF, Inc. For the year ended June 2017, BBF, Inc. reported net assets of ¥2.3 billion, total assets of ¥6.9 billion, sales of ¥3.6 billion. A corporate resolution is announced for the deal on December 13, 2017. It is expected that first installment of acquisition will be done on December 14, 2017 and second on July 2, 2018 .An advisory cost of ¥4 million was incurred in the transaction.
HITO-Communications, Inc. (TSE:3654) cancelled the acquisition of 23.5% stake in BBF, Inc. from BroadBand Tower, Inc. (JASDAQ:3776) on December 13, 2018.
HITO-Communications Holdings,Inc is a Japan-based holding company engaged in the management of group companies and other related work. The outsourcing business consigns the entire series of operations (contracting work) from manufacturers and communication carriers. The temporary staffing business is involved in the dispatching of staffs to manufacturers, telecommunications carriers, super general merchandise stores (GMS) and travel agencies. The EC/TC business involves e-commerce Website management consignment and television shopping sales support work. The wholesale business is involved in a series of tasks, such as planning, designing, manufacturing, production management and sale of clothing to domestic retailers and overseas retailers. The other business is involved in the provision of training to manufacturers and telecommunication carriers by making full use of sales know-how, such as customer service technologies owned by its subsidiary HITO-Communications Inc.