TOKAI Holdings announced on the 5th that TOKAI, an LP gas distributor based in Shizuoka City, had signed an agreement to acquire all shares of Yokohama-based peer City Gas. The transaction is expected to bring approximately 20,000 customers into the group and expand its business in Kanagawa Prefecture.
TOKAI Holdings announced that its LP gas distribution subsidiary TOKAI, based in Shizuoka City, had signed an agreement to acquire all shares of City Gas, a peer based in Yokohama, Kanagawa Prefecture. The agreement is expected to be executed subject to the relevant procedures.
The acquisition will bring approximately 20,000 City Gas customers under TOKAI’s group. TOKAI has indicated plans to strengthen the development of its LP gas-related business in Kanagawa Prefecture.
The companies are expected to expand their customer bases and service areas by pursuing business expansion across Kanagawa Prefecture, centered on Yokohama.