Kaihan to Acquire Spaam Corp. Through Equity Swap

TOKYO, Jul 15 (Pulse News Wire) – Kaihan CO.,LTD. (3133.T) announced plans to acquire Spaam Corp.

Through a simplified equity swap scheduled to take effect on Aug. 25, 2026. The move aims to strengthen the healthcare division's revenue base and expand operations. Spaam Corp., founded in 2020, specializes in medical aesthetics support services and has maintained stable operations despite being debt-ridden due to initial investments and past performance impacts. The acquisition is expected to enhance Kaihan’s presence in the medical aesthetics sector and potentially lead to synergies with existing subsidiaries.

Under the agreement, Kaihan will issue approximately 14.38 shares for each Spaam share, resulting in the issuance of new ordinary shares totaling 7,190,000. This transaction will dilute existing shareholders but avoids cash outflows, preserving capital while expanding the healthcare portfolio. Spaam's valuation was determined using discounted cash flow analysis, estimating enterprise value at around ¥1.580 billion and equity value at around ¥910 million. Adjusting for non-liquidity discounts, the range was set between ¥570 million and ¥700 million, leading to a total acquisition cost of ¥640 million. Historical data shows Spaam's sales reached approximately 3,077,792 in fiscal 2026, with projected growth continuing through 2029.

The deal reflects Kaihan's strategic focus on diversifying its service offerings within the healthcare field.