SMR Automotive Mirrors UK Ltd. entered into an agreement to acquire Misato Industries Co. Ltd and Ichikoh (Wuxi) Automotive Parts Co., Ltd from Ichikoh Industries, Ltd. (TSE:7244) on September 26, 2022. The enterprise value of JPY 5.2 billion is subject to customary closing adjustments for debt/debt-like items and working capital.

In financial year 2021, Misato Industries and Ichikoh (Wuxi) Automotive reported revenue of JPY 15.8 and EBITDA of JPY 1.3 billion. Subject to receipt of necessary approvals, the deal is expected to close in May 2023. As of May 1, 2023, due to ongoing completion of condition precedents for the transaction, the Parties have mutually agreed to extend the closing and which is now expected to be completed within second quarter of the current financial year 2023-24.

The transaction is expected to close on August 1, 2023.