Kerry Inc. completed the acquisition of Ariake U.S.A., Inc. from ARIAKE JAPAN Co., Ltd.
March 28, 2019
Share
Kerry Inc. entered in an agreement to acquire Ariake U.S.A., Inc. from ARIAKE JAPAN Co., Ltd. (TSE:2815) for JPY 20 billion ($176 million) on December 14, 2018. Consideration is subject to working capital adjustments. In a related deal, Kerry also entered in agreement to acquire North American coatings and seasonings business of Southeastern Mills, Inc. Kerry will finance both acquisitions from existing lines of credit. Ariake reported net assets of $43.97 million, total assets of $49.92 million, revenue of $53.04 million, operating income of $13.06 million and net income of $9.79 million as of December 31, 2017. The transaction is subject to regulatory approval, approvals based under the US antitrust law and customary closing conditions. As of December 14, 2018, board of directors of ARIAKE JAPAN approved the transaction. The transaction is expected to close on February 1, 2019. As per announcement made on January 30, 2019, the transaction is expected to close on February 28, 2019. As of February 26, 2019, the closing of the deal was postponed due to the delay in getting the approvals under the US antitrust law and the transaction is now expected to close on March 29, 2019. Benjamin Lang of Jones Day acted as legal advisor to Ariake Japan Co., Ltd.
Kerry Inc. completed the acquisition of Ariake U.S.A., Inc. from ARIAKE JAPAN Co., Ltd. (TSE:2815) on March 29, 2019.
Ariake Japan Co Ltd is a Japan-based company primarily engaged in the manufacture and sale of natural seasonings. Together with its subsidiaries, the Company is also engaged in the production and sale of natural soups in domestic market; lease part of head office building and operation of convenience store; the manufacture and sale of natural seasonings in China, Taiwan, Southeast of Asia and European markets; as well as the production of agricultural products.
ARIAKE JAPAN CO., LTD. 
