Satori Electric Co., Ltd. (TSE:7420) signed an agreement to acquire 80% stake in MAGnetIC Holding B.V. from Systematic Design Holding B.v. and Zeeuws InvesteringsFonds BV for ?12 million on February 19, 2024. The 80% shares represents 13,440 shares in MAGnetIC, out of which, 57.7% or 6,340 shares is being acquired from Systematic Design Holding and 42.3% or 7,100 shares is being acquired from Zeeuws InvesteringsFonds. Satori has taken sufficient procedures to verify the appropriateness of the transaction value by getting third-party due diligence appropriately conducted. As of December, 2022, MAGnetIC reported a net assets of ?1.5 million, total assets of ?2.4 million, net sales of ?3.8 million and operating profit of ?0.56 million.

The Transaction is subject to the necessary approval from the governmental authority in the Netherlands. The board of directors of Satori has approved the transaction.