Sanso Electric Co.,Ltd. (JASDAQ:6518) signed a contract to acquire Iwaya Electric Mfg Co.,Ltd. from 12 individual shareholders on February 22, 2016. Sanso Electric will acquire 0.04 million shares of Iwaya Electric Mfg. On completion, Iwaya Electric Mfg will become a wholly owned subsidiary of Sanso Electric.

Iwaya Electric Mfg reported sales of ¥1.05 billion, net assets of ¥333.28 million and total assets of ¥1.22 billion as of May 2015. The deal was resolved by the Board of Directors of Sanso Electric on February 22, 2016. The deal is expected to close on April 1, 2016.