Japan Industrial Partners, Inc. signed a memorandum of understanding to acquire 95% stake in Imaging business of Olympus Corporation (TSE:7733) on June 24, 2020. Japan Industrial Partners, Inc. signed a definitive agreement to acquire 95% stake in Imaging business of Olympus Corporation on September 30, 2020. Under the terms of transaction, Olympus’s Imaging business will be transferred to the NewCo by way of company split or otherwise and then shares in the NewCo will be transferred to a new company to be established by JIP. A new company with the name OM Digital Solutions Corporation will be formed, consisting of the target business. Olympus Corporation will transfer 19 shares amounting to 95% in the target company. It will continue to own 1% share in the target. The target business had revenues of ¥43.6 billion, total assets of ¥11.3 billion and net assets of ¥10.5 billion. The parties will proceed with the actions and procedures for transactions in full compliance with applicable laws including consultation obligations and other requirements under local employment laws. After the due diligence and further discussions and negotiations, the parties are aiming to sign a legally binding definitive agreement for the transaction by September 30, 2020. The Share Transfer is subject to certain conditions including JIP’s obtainment of approval(s) from relevant authorities pursuant to the competition laws of Japan and other relevant jurisdictions. Transaction is expected to complete by January 1, 2021. Japan Industrial Partners, Inc. completed the acquisition of 95% stake in Imaging business of Olympus Corporation (TSE:7733) on January 1, 2021.