Worth reading
63In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
65
€ million (acquisition price)Wording
Conditional
How definitive the wording is.This transaction
This equity interest acquisitionCounterpartyMutares SE & Co. KGaA
Disclosing companyMORITA HOLDINGS CORPORATION
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Development, manufacture, sales, and services for firefighting vehicles (aerial ladder trucks, fire engines, specialized firefighting vehicles, etc.) and related equipment
Location Ulm, GermanyShare capital €6,493 thousandDate of incorporation 10 December 1987
Net Sales€332,338 thousand (fiscal year ended December 2025)
Operating profitOperating loss of €49,201 thousand (fiscal year ended December 2025)
Net income for the current fiscal yearNet loss of €81,788 thousand (fiscal year ended December 2025)
Net assetsNet assets of €43,399 thousand (fiscal year ended December 2025)
Consideration and expenses
Acquisition priceEquity interest in Magirus GmbH: €65 million
Expenses other than the acquisition price¥1,000 million (advisory fees, etc.; estimated)
Impact on Business Performance
Magirus's results are expected to be reflected in the Company's consolidated results from the fiscal year ending March 2028. The impact on consolidated results for the fiscal year ending March 2027 is expected to be immaterial. The impact on the consolidated financial position is currently under review.
Procedures and assumptions
Conditions Precedent to ExecutionObtaining necessary approvals and permits from the relevant authorities, etc.
Management structure after acquisitionUpon completion of the acquisition, Magirus is expected to become a consolidated subsidiary of the Company. Not disclosed regarding the corporate name, representative, and treatment of employees
| Item | Details |
|---|---|
| Transaction name | This equity interest acquisition |
| Counterparty name | Mutares SE & Co. KGaA |
| Name of the Subject Company | Magirus GmbH |
| Business Description of the Subject Company | Development, manufacture, sales, and services for firefighting vehicles (aerial ladder trucks, fire engines, specialized firefighting vehicles, etc.) and related equipment |
| Location of the Subject Company | Ulm, Germany |
| Capital Stock of the Subject Company | €6,493 thousand |
| Date of Establishment of the Subject Company | 10 December 1987 |
| Net Sales of the Subject Company | €332,338 thousand (fiscal year ended December 2025) |
| Operating Profit of the Subject Company | Operating loss of €49,201 thousand (fiscal year ended December 2025) |
| Net Income of the Subject Company | Net loss of €81,788 thousand (fiscal year ended December 2025) |
| Net Assets of the Subject Company | Net assets of €43,399 thousand (fiscal year ended December 2025) |
| Acquisition price | Equity interest in Magirus GmbH: €65 million |
| Expenses other than the acquisition price | ¥1,000 million (advisory fees, etc.; estimated) |
| Voting rights ownership percentage | Before 0％ → after 100％ |
| Impact on Business Performance | Magirus's results are expected to be reflected in the Company's consolidated results from the fiscal year ending March 2028. The impact on consolidated results for the fiscal year ending March 2027 is expected to be immaterial. The impact on the consolidated financial position is currently under review. |
| Date of board resolution | 9 November 2026 |
| Contract Date | 9 November 2026 (German time) |
| Execution Date / Effective Date | May 2027 (scheduled) |
| Conditions Precedent to Execution | Obtaining necessary approvals and permits from the relevant authorities, etc. |
| Management structure after acquisition | Upon completion of the acquisition, Magirus is expected to become a consolidated subsidiary of the Company. Not disclosed regarding the corporate name, representative, and treatment of employees |
Items this document does not state (12)
Type of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodNumber of shares acquiredFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Valuation methodologyIndependent valuation institutionSpecial Committee
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The purpose is to combine Magirus's business base, brand strength, technological capabilities, customer base, and sales and service network with the Group's technologies, know-how, and overseas business base, further advance business transformation, and expand the business globally while improving profitability.
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