Liv-up Co.,Ltd. (TSE:2977) agreed to acquire FOOTWORK Co.,Ltd. on June 30, 2022. Upon completion of the transaction, FOOTWORK will become as a wholly owned subsidiary of Liv-up Co. All acquisitions of the shares will be carried out with own funds.

The FOOTWORK had net assets of ¥195 million, total assets of ¥268 million, sales of ¥176 million, operating profit of ¥-69 million and net profit of ¥-64 million, for the fiscal year ended September 2021. The transaction is subject to financial, tax, legal and labor due diligence conducted by an external organization. The transaction is expected to close on July 8, 2022.

The impact of acquisition on consolidated business results is expected to be minor at this point.