Mitsubishi Logistics has agreed to buy all shares of Hankyu Hanshin Express from Hankyu Hanshin Holdings, which would make the Osaka-based international transport company a consolidated subsidiary. Mitsubishi Logistics said in an extraordinary report filed on 30 October 2026 that it decided to sign the share transfer agreement that day.
The deal is agreed, not done. Completion depends on obtaining licences and approvals and meeting other conditions precedent in the agreement, and Mitsubishi Logistics targets closing in the fourth quarter of fiscal 2026.
The price
The ordinary shares carry a price of ¥120.11bn. Mitsubishi Logistics puts advisory fees and other costs at roughly ¥1.227bn, for an approximate total of ¥121.337bn. The report gives no per-share price and does not say how Mitsubishi Logistics will fund the payment.
What is being bought
Hankyu Hanshin Express has capital of ¥100mn, net assets of ¥22.991bn and total assets of ¥35.603bn as of the end of March 2026. Its businesses include freight forwarding, customs clearance, warehousing, trucking, import-export trading and medical device manufacturing.
The non-consolidated figures show a company that was loss-making at the operating line until recently.
| Measure | March 2024 | March 2025 | March 2026 |
|---|---|---|---|
| Operating revenue | ¥43.478bn | ¥44.239bn | ¥45.454bn |
| Operating profit | -¥600mn | -¥1.195bn | ¥713mn |
| Ordinary profit | ¥1.058bn | ¥1.515bn | ¥3.425bn |
| Net profit | ¥1.139bn | -¥3.083bn | ¥2.942bn |
Mitsubishi Logistics reports no capital or personnel ties with the target. The two companies trade in some businesses, but Mitsubishi Logistics calls the volume minor.
The strategic case
Mitsubishi Logistics describes its core as warehousing, international transport, port services and real estate. Its management plan for 2025 to 2030 sets growth in logistics and global expansion as priorities under the "MLC2030 Vision". It says Hankyu Hanshin Express brings a global network that includes Asia, and expertise in air and sea transport.
Mitsubishi Logistics expects the purchase to strengthen its logistics business mainly in international transport, by region and by industry, and to speed up its total-logistics offer to customers' supply chains.
The seller's side
Hankyu Hanshin Holdings said its board approved the sale on 30 October 2026 and signed the agreement the same day. It calls Hankyu Hanshin Express a core company of its international transport segment. The holding company expects a gain on sale of affiliate shares of about ¥91bn in non-consolidated results for the year to March 2027, and about ¥75bn in consolidated results.
The sale also unwinds a tie-up. Hankyu Hanshin Holdings and Hankyu Hanshin Express will end their capital and business alliance with Seino Holdings. Hankyu Hanshin Holdings will first acquire the Hankyu Hanshin Express shares that Seino Holdings holds, then transfer all shares, including its own, to Mitsubishi Logistics.