Sakai Ovex Co.,Ltd. (TSE:3408) entered into an agreement to acquire Settsu Denki Industrial Co.,Ltd. from Kazuhiko Kauchi on November 12, 2019. Sakai Ovex will purchase 0.03 million shares of Settsu Denki Industrial. Upon completion, Settsu will become a wholly owned subsidiary of the buyer. Settsu Denki Industrial has net assets of ¥359.28 million, total assets of ¥1.21 billion, net sales ¥1.82 billion, operating income ¥82.5 million and net income of ¥62.89 million for the year ended January 31, 2019. The transaction is expected to close on November 19, 2019.