SHIFT (TYO:3697), through its consolidated subsidiary SHIFT Growth Capital, will establish a special purpose company to acquire all shares of STEP, a system development firm with expertise in social infrastructure sectors such as aviation, defense, and healthcare.
The software testing firm said the acquisition, valued at approximately 6 billion yen, will make STEP a consolidated subsidiary of SHIFT, with the new holding company expected to qualify as a specified subsidiary due to its post-acquisition capital level.
The acquisition is scheduled to close on June 1, subject to satisfaction of closing conditions, according to a Tokyo bourse filing on Friday.
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