Tea Life Co., Ltd. (JASDAQ:3172) entered into basic agreement to acquire Coram Japan Ltd. from Coram Sanitary B.V. for ¥73 million on October 15, 2013. Tea Life Co., Ltd. will acquire 2600 shares of Coram Japan. Tea Life will use funds on hand to finance the transaction.

Upon completion, Coram Japan will operate as a subsidiary of Tea Life. For the year ended December 2012, Coram Japan reported net assets of ¥374 million, total assets of ¥690 million, sales of ¥700 million, operating loss of ¥106 million, ordinary loss of ¥117 million and net loss of ¥132 million. The transaction was resolved by the Board of Directors of Tea Life on October 15, 2013.

The tentative date for conclusion of a share transfer contract and transfer of shares is November 1, 2013. The estimated advisory fee for the transaction is ¥15 million.