Kanamic Network Co.,LTD, entered into share purchase agreement to acquire 100% of outstanding shares of Urban Fit Co., Ltd., from Eisuke Uchijima and Minoru Toyoda.

Kanamic Network Co.,LTD (TSE:3939), entered into share purchase agreement to acquire 100% of outstanding shares of Urban Fit Co., Ltd., from Eisuke Uchijima and Minoru Toyoda, on May 10, 2022. Eisuke Uchijima has 75% stake and Minoru Toyoda has 25% stake in Urban Fit Co., Ltd. The transaction is being funded by Kanamic Network own funds. In the financial year September 2021, Urban Fit reported total assets of ¥700.999 million, net assets of ¥72.760 million, total revenue of ¥504.068 million, EBIT of ¥-27.225 million and EBITDA of ¥23.626 million.

The deal is expected to close on May 20, 2022.