SBS Holdings, the Tokyo-listed trucking and logistics group (TSE: 2384), signed an agreement on September 28, 2026 to buy all 15,000,000 shares of Mitsubishi Chemical Logistics from its parent, Mitsubishi Chemical Corporation. The price is ¥19.2bn for the shares plus about ¥150mn in advisory costs, for an estimated total of ¥19.35bn, calculated from the target's financial position at the end of March 2026. SBS says the final amount may still be adjusted once the deal actually closes.
Mitsubishi Chemical Logistics hauls chemicals and hazardous materials by road and sea, and also runs warehousing, customs clearance and third-party logistics operations from its Tokyo headquarters. Capitalized at ¥1.5bn and founded in December 1956, it is described by SBS as one of the largest revenue generators in Japan's chemical-logistics sector. Its revenue has held close to ¥80bn a year, but profitability has swung: after an operating loss in the year to March 2024, the company returned to operating profit in each of the following two years, yet still booked a net loss of ¥1.07bn in the most recent year, the same year it posted an operating profit of ¥709mn.
| Fiscal year ended March | Revenue | Operating profit/loss | Net profit/loss | Total assets | Net assets |
|---|---|---|---|---|---|
| 2024 | ¥80.7bn | -¥270mn | -¥315mn | ¥30.1bn | ¥10.5bn |
| 2025 | ¥81.7bn | ¥774mn | ¥593mn | ¥29.5bn | ¥10.8bn |
| 2026 | ¥80.3bn | ¥709mn | -¥1.07bn | ¥29.8bn | ¥9.5bn |
Once completed, the acquisition will make Mitsubishi Chemical Logistics what Japanese disclosure rules call a "specified subsidiary" of SBS, because its registered capital is at least one-tenth of SBS's own capital base. The share acquisition itself, subject to regulatory approvals, is scheduled for April 1, 2027; SBS will then hold all 15,000,000 shares and 100% of voting rights, and four subsidiaries of Mitsubishi Chemical Logistics will also join the SBS group.
SBS frames the purchase as part of its medium-term plan, "Harmonized Growth 2030," which pairs organic expansion in third-party logistics and international freight with acquisitions that carry their own competitive strengths. The target's current president will stay on as representative director after the deal closes, and SBS says it intends to preserve Mitsubishi Chemical Logistics' existing relationships with the wider Mitsubishi Chemical group and its customers. SBS filed an extraordinary report with the Kanto Local Finance Bureau to disclose the acquisition, as required for a subsidiary change of this size.