Japan Industrial Partners, Inc. completed the acquisition of 55.1% stake in Nippon Avionics Co., Ltd. from NEC Corporation and others.
January 23, 2020
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Japan Industrial Partners, Inc. made an offer to acquire 55.1% stake in Nippon Avionics Co., Ltd. (TSE:6946) from NEC Corporation (TSE:6701) and others for ¥1.7 billion on July 31, 2019. NEC Corporation (TSE:6701) concluded the contact to apply for all shares in the tender offer. Under the terms of the transaction the buyer offered to acquire 1.56 million shares at ¥1,100 per share. The buyer will purchase a minimum of 1.42 million shares. The deal is subject to approval by Board of Directors of Nippon Avionics Co., Ltd. The offer will run from December 20, 2019 to January 24, 2020. Nakamura, Tsunoda & Matsumoto acted as legal advisor to the Board of Directors of Avionics Co., Ltd. DC Advisory acted as financial advisor for NEC.
Japan Industrial Partners, Inc. completed the acquisition of 55.1% stake in Nippon Avionics Co., Ltd. (TSE:6946) from NEC Corporation (TSE:6701) and others on January 24, 2020. Shigeki Ito and Satoshi Okubo, Directors of Nippon Avionics, and Atsushige Onuki, Audit & Supervisory Board Member of Nippon Avionics, are scheduled to resign on January 31 , 2020.
NEC Corporation specializes in the manufacturing and marketing computing and telecommunication equipments. Net sales break down by activity as follows:
- IT services (53.9%): integration, maintenance, outsourcing, support services, etc.;
- sale of IT infrastructure products and network systems (17%). In addition, the group provides network services;
- sale of digital government and financial services software (14.9%);
- other (12.7%): sale of hardware, mobile telephones, lighting products, energy management and storage systems, etc.
Net sales are distributed geographically as follows: Japan (75%), Asia/Pacific (11.2%), Europe/Middle East/Africa (9.8%) and Americas (4%).