Announcement of Additional Acquisition of CREIT SOLUTIONS Inc.
Announcement of Additional Acquisition of CREIT SOLUTIONS Inc.
SHIFT Inc. (“SHIFT,” headquartered in Minato-ku, Tokyo, Japan; Masaru Tange, CEO and Representative Director) announced today that its wholly-owned subsidiary, SHIFT Growth Capital (“SGC,” headquartered in Minato-ku, Tokyo, Japan; Taichi Hattori, Representative Director) contracted to acquire 7.2% equity interest in CREIT SOLUTIONS Inc. (“CREIT SOLUTIONS,” headquartered in Minato-ku, Tokyo, Japan; Takehiko Wakayama, Representative Director and Chairman; Yutaka Arisawa, Representative Director and President), besides 90.1% of its equity, as SHIFT has announced as of May 8th, 2023.
SHIFT Group will also negotiate to acquire the rest equity (2.8%) with the shareholders of CREIT SOLUTIONS.
Please refer to the announcement on May 8th, 2023, “Announcement of Acquisition of CREIT SOLUTIONS Inc.”
1. Overview of Shareholders of CREITSOLUTIONS
SGC will acquire 7.2% of CREIT SOLUTIONS’ equity from 7 individuals. Note that 7 individuals does not have material relationship with SHIFT.
2. Number of shares to be acquired, acquisition price, and shareholdings before and after transaction
| (1) Number of shares held by SHIFT before the transfer (As of May 26th, 2023) | None (Number of voting rights: 0) (Percentage of voting rights held: 0.0%) |
| (2) Number of shares to be acquired by SHIFT | 36,950 shares (Number of voting rights: 36,950) |
| (3) Acquisition price | 139,744,900 yen |
| (4) Number of shares to be held by SHIFT after the transfer (As of June 1st, 2023) | 501,402 shares (Number of voting rights: 501,402) (Percentage of voting rights: 97.2%) |
Note: SHIFT has negotiated the aforementioned acquisition price based on a third-party appraisal.
Note: As announced on May 8th, 2023, SGC will acquire 464,452 shares (Number of voting rights: 464,452, percentage of voting rights: 90.1%) of CREIT SOLUTIONS from MINATO HOLDINGS Inc.
3. Schedule
| (1) Investment Committee resolution date | May 8th, 2023 |
| (2) Execution date of the share subscription agreement | May 26th, 2023 |
| (3) Expected closing date | June 1st, 2023 |
4. Future Outlook
The SHIFT Group expects that this acquisition would have no material impact on its financial results and financial condition, although it will disclose an impact on its future financial outlook regarding the aforementioned acquisition as soon as possible, when there happens a drastic change in its situation.
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Contact
Taichi Hattori
Director and CFO
ir_info@shiftinc.jp