Nippon Steel & Sumikin Bussan Corporation (TSE:9810) concluded a contract to acquire 66% stake in Nihon Teppan Co., Ltd. from Nippon Steel & Sumitomo Metal Corporation (TSE:5401) and Nisshin Steel Co., Ltd. (TSE:5413) on September 28, 2018. Under the terms of transaction, Nippon Steel & Sumikin Bussan Corporation will acquire 0.66 million shares in Nihon Teppan Co., Ltd. Nippon Steel & Sumitomo Metal Corporation will sell 0.36 million shares and Nisshin Steel Co., Ltd. will sell 0.3 million shares. Upon completion, Nippon Steel & Sumitomo Metal Corporation will hold 0.14 million shares and Nisshin Steel Co., Ltd. will hold 0.2 million shares.

Upon completion, Nihon Teppan Co., Ltd. will become a subsidiary of Nippon Steel & Sumikin Bussan Corporation. For the year ended March 31, 2018, Nihon Teppan Co., Ltd. had net assets of ¥7.6 billion, total assets of ¥55.3 billion, sales of ¥132.98 billion, operating profit of ¥628 million and net income of ¥359 million. The transaction has been resolved on September 28, 2018.

The transaction is expected to be completed by December 27, 2018.