Johnan Academic Preparatory Institute, Inc. agreed to acquire 75% stake in GEN Co., Ltd. from Ikuko Nakamura and Kenneth M. Curtis for approximately ¥190 million.

Johnan Academic Preparatory Institute, Inc. (JASDAQ:4720) agreed to acquire 75% stake in GEN Co., Ltd. from Ikuko Nakamura and Kenneth M. Curtis for approximately ¥190 million on September 26, 2013. Johnan Academic Preparatory Institute, Inc. will acquire a total of 144 shares representing 75% stake, 124 shares from Ikuko Nakamura and 20 shares from Kenneth M. Curtis. For the period ending March 2013, GEN Co., Ltd. reported total assets of ¥88.1 million, net assets of ¥32.3 million, sales of ¥201.57 million, operating profit of ¥1.37 million and net profit of ¥3.15 million.

The transaction is resolved by Board of Directors of Johnan Academic Preparatory Institute, Inc. Conclusion of the share transfer contract and the transaction is expected to be close by October 2, 2013. Johnan Academic Preparatory Institute incurred transaction cost of ¥12 million in the transaction.