November 28, 2018
  • RAKUTEN, INC.

Announcement of Agreement Regarding Transfer of All Shares of O-net, Inc. held by Rakuten, Inc.

 

 Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announces that today it has concluded a share transfer agreement (hereinafter the “Agreement”) with Polaris Capital Group Co., Ltd. (President and CEO: Yuji Kimura, hereinafter the “Polaris”) under which all shares of O-net, Inc. (hereinafter “O-net”) held by Rakuten, Inc. will be transferred to a new company which will be established by Polaris.

 

 1.Purpose and background of the Agreement

 Since its establishment in 1980, O-net has provided a matchmaking service for marriage for its members for over 38 years. In December 2007, O-net became a subsidiary of Rakuten Group and has continued to show sustainable, stable growth. However, in order to optimize management resources, the Company has made the decision to transfer its shares of O-net.
 After the share transfer, O-net will continue to provide its users with a safe and secure matchmaking service.

 

 2.Overview of the consolidated subsidiary to be transferred

(1)

Company name

O-net, Inc.

(2)

Headquarter

1-14-1 Tamagawa, Setagaya-ku, Tokyo

(3)

Representative

Manabu Moriya

(4)

Date of establishment

December 19, 2007
(On April 5, 1980, the predecessor “OMMG INC” was established)

(5)

Capital

JPY 98 million

(6)

Number of employees

505(As of January 1, 2018)

(7)

Business

Marriage matchmaking services, businesses related to event planning and management, businesses related to publishing, other businesses related to Marriage Service

(8)

Relationship between the listed company and O-net

Capital relationship

100% owned by the Company

Personnel relationship

Two employees of the Company joined O-net as President and Representative Director, Executive Vice-President and Director. Two executive officers of the Company joined O-net as directors. An executive officer of the Company joined O-net as an auditor

Trade relationship

There is no highly important operational relationship but the Company holds deposit of the subsidiary

(9)

Financial Position and Performance in the Past 3 Fiscal Years 

The Company refrains from disclosing at the request of transferee

 

 3.Overview of Polaris

(1)

Company name

Polaris Capital Group Co., Ltd.

(2)

Headquarter

1-9-1, Marunouchi, Chiyoda-ku, Tokyo

(3)

Representative

Yuji Kimura

(4)

Date of establishment

September 13, 2004

(5)

Capital

JPY 100 million

(6)

Business

Management of private equity funds which assists in the restructuring and rebuilding of corporations

(7)

Relationship between the listed company and the relevant company

Capital relationship

None

Personnel relationship

None

Trade relationship

None

Status as a related party

None

*Net assets, total assets, major shareholders and shareholding ratio are not to be disclosed at the request of transferee.

 

 4.The number of shares to be transferred and shareholding status before and after the transfer

(1)

Number of shares held before the transfer

280,000 shares
(Number of voting rights: 280,000, holding ratio: 100%)

(2)

Number of shares to be transferred

280,000 shares
(Number of voting rights: 280,000)

(3)

Number of shares held after the transfer

0 shares
(Number of voting rights: 0, holding ratio: 0%)

*Transfer price is not to be disclosed at the agreement with transferee. The price has been determined rationally by mutual agreement of both parties.

 

 5.Schedule of transfer

(1)

Date of conclusion of the agreement

November 28, 2018

(2)

Date of the transfer of the shares

End of December 2018 (Planned)

 

6.Impact on business performance

 The impact of sale of O-net shares on FY2018 Q4 consolidated results of the Company will be about JPY 25 billion.  

*Please note that the information contained in press releases is current as of the date of release.

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