Akatsuki Corp. (TSE:8737) signed a contract to acquire 100% stake in Total Estate Holdings Co., Ltd., 88.9% stake in Total Tec Co., Ltd. and 70% stake in Total Estate Housing Sales Co., Ltd. from Koji Morikawa for ¥6.1 billion on April 5, 2017. Under the terms of the transaction, Akatsuki Corp. will acquire 23,650 common shares and 2,400 Type 1 preferred shares of Total Estate Holdings Co., Ltd., 4,000 common shares and 400 Type 1 preferred shares of Total Tec Co.,Ltd and 140 common shares and 400 Type 1 preferred shares of Total Estate Housing Sales Co., Ltd. and will collectively pay ¥6.1 billion for the acquisition. Akatsuki Corp. plans to issue ¥1 billion of unsecured bonds, ¥2.3 billion of warrants through shareholder allocation (when fully exercised) and make bank loans of ¥3 billion for the purpose of acquisition. The transaction was resolved by the Board of Directors of Akatsuki Corp. on April 5, 2017. On June 28, 2017, it was announced that Akatsuki Corp. will take out a loan of ¥3 billion from Mizuho Bank, Ltd, Resona Bank, Limited and The Shizuoka Bank Ltd on June 30, 2017 for the acquisition. The transaction is expected to close on July 3, 2017.