Shidax Corporation - Sale of stake in Shidax Community Corporation and issuance of preferred stock
Leading Japanese law firm Nishimura & Asahi has advised Shidax Corporation  (“Shidax”) on the sale of an 81% stake in Shidax Community Corporation (“Shidax Community”), its Japan-based business that operates large-scale entertainment restaurants and karaoke boxes, to B&V Corporation (“B&V”), a karaoke box, net cafe and fitness center operator. Shidax also agreed to accept a preferred stock investment of 5 billion yen from a fund that the Development Bank of Japan is in charge of as general partner.
The transaction will allow Shidax and B&V to strengthen their respective restaurant and karaoke businesses. Shidax Community’s turnover for the year ended 31 March 2018 was JPY 18.21bn (USD 171.19m).