Seino Holdings to acquire 66.6% stake in Mitsubishi Electric Logistics for JPY57.3bn from Mitsubishi Electric.

Seino Holdings, a company mainly engaged in the transportation business, automobile sales business, goods sales business, real estate leasing business and other business, agreed to acquire 66.6% stake in Mitsubishi Electric Logistics, a company specializing in total distribution and logistics solutions, for JPY57.3bn from Mitsubishi Electric, a manufacturer of electrical and electronic products. Subject to regulatory approvals from relevant authorities, the share transfer is expected to be concluded around October 1 this year and the company will become a subsidiary of Seino, which will hold 66.6 percent of the shares, and an equity-method affiliate of Mitsubishi Electric, which will hold the remaining 33.4 percent.