Heiwa Corp. concluded a contract to acquire remaining 19.63% stake in PGM Holdings K.K. from The Vanguard Group, Inc., Norges Bank Investment Management, Nomura Asset Management Co., Ltd. and other shareholders for ¥32.4 billion.
The Board of Heiwa Corp. and PGM Holdings passed a resolution for the transaction on May 13, 2015. A meeting of shareholders of PGM Holdings will be held on June 23, 2015. The deal is expected to close on August 1, 2015. Nomura Securities acted as the valuer to Heiwa Corporation and Tokyo Kyodo Accounting Office acted as the valuer for PGM Holdings. TMI Associates acted as the legal advisor to Heiwa Corporation and Nishimura & Asahi acted as the legal advisor to PGM Holdings.