Nippon Express Co. Ltd. (TSE:9062) signed a memorandum of understanding to acquire 66.6% stake in Panasonic Logistics Co., Ltd. from Panasonic Corporation (TSE:6752) on March 28, 2013. Under the terms of the agreement, Panasonic will transfer about 2.4 million shares. Panasonic Logistics reported net sales of ¥73.03 billion for the year ended March 31, 2012. Panasonic Logistics reported net sales of ¥64.93 billion and total assets of ¥38 billion for the period ended March 2013. Nippon Express and Panasonic are currently engaged in negotiations with the goal of finalizing a definitive deal by the end of May 2013. The transaction is subject to government approvals and expiration of the applicable post filing waiting periods and is expected to be completed in July 2013.

As of May 24, 2013, Nippon Express entered into definitive agreement to acquire 66% stake in Panasonic Logistics. Pursuant to the transaction, Panasonic Logistics is expected to be renamed to Nittsu-Panasonic Logistics Co., Ltd. and the transaction is expected to close in December 2013.

Nippon Express Co. Ltd. (TSE:9062) completed the acquisition of 66.6% stake in Panasonic Logistics Co., Ltd. from Panasonic Corporation (TSE:6752) on January 20, 2014.