Air Water acquires Ci Medical for 30.27bn yen, plans full privatization

Air Water Inc. announced the successful completion of its tender offer for common shares of Ci Medical Co., Ltd., with the period concluding on October 6, 2025. A total of 20,177,973 shares were acquired at JPY 1,500 per share, amounting to an acquisition cost of JPY 30,266 million.

As a result of the tender offer, Ci Medical Co., Ltd. will become a consolidated subsidiary of Air Water Inc. effective October 14, 2025. Air Water's ownership in Ci Medical will significantly increase from 38.29% to 78.65% of voting rights.

The company also intends to initiate squeeze-out procedures to fully privatize Ci Medical, which will lead to its delisting from the Tokyo Stock Exchange Standard Market.