India, April 15 -- East Japan Railway Company (EJPRY) and ITOCHU Corporation (IOC.F) on Wednesday said they have entered into an integration agreement to combine their real estate businesses through the merger of their respective subsidiaries.
Under the agreement, East Japan Railway Company (JR East) and ITOCHU will merge their respective subsidiaries, JR East Real Estate Co., Ltd. (JERE) and ITOCHU Property Development, Ltd. (IPD), through an absorption-type structure, with IPD as the surviving entity and JERE as the dissolving company.
The integrated entity will become a consolidated subsidiary of JR East, with JR East holding a 60% stake and ITOCHU owning the remaining 40%.
ITOCHU said the agreement aims to formalize the real estate a...