NK Relations Co., Ltd. concluded a contract to acquire 69.5% stake in Genentech, Inc. from Gene Science Promotion Organization Co., Ltd, SAIBO Co., Ltd., Fields Partners and five individuals for ¥2.7 billion.
March 24, 2016
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NK Relations Co., Ltd. concluded a contract to acquire 69.5% stake in Genentech, Inc. from Gene Science Promotion Organization Co., Ltd, SAIBO Co., Ltd. (TSE:3123), Fields Partners and five individuals for ¥2.7 billion on March 25, 2016. Under the terms of the transaction, NK Relations will acquire 0.07 million shares in Genentech. GeneTech, Inc. reported total assets of ¥1.73 billion, net assets of ¥1.13 billion, sales of ¥1.47 billion, operating profit of ¥361 million and net income of ¥255 million in 2015.
The Board of Directors of Noritsu Koki Co., Ltd., parent of NK Relations Co., Ltd, NK Relations Co., Ltd and GeneTech, Inc. passed a resolution for the transaction. The transaction is expected to close on April 5, 2016. The advisory costs and related expenses amount to ¥350 million.
Saibo Co., Ltd. is mainly engaged in the manufacture and sale of textile products, the leasing of real estate properties, as well as the operation of golf ranges. The Company operates in three business segments. The Textile segment manufactures and sells uniforms, clothing, promoting products, rayon yarns, synthetic yarns, hemp fabrics and embroidery lace, as well as yarn gluing. The Real Estate Utilization segment leases commercial facilities and other real estate, as well as operates building maintenance business. The Golf Ranges segment operates golf ranges. The others businesses include the sale of gift products, the sale of automatic watering flower pots and the greening of the houseplant rental business, the interior construction business, the management of Toyota Motor's sales agents, and the repair and maintenance of sheet metal painting for automobiles.
NK Relations Co., Ltd. concluded a contract to acquire 69.5% stake in Genentech, Inc. from Gene Science Promotion Organization Co., Ltd, SAIBO Co., Ltd., Fields Partners and five individuals for ¥2.7 billion.
SAIBO CO., LTD. 
