Japanese autos marketplace operator Proto Corporation has finalized a $240 million U.S. deal to transfer its shares in its subsidiary Proto Taiwan to Nobutaka Suzuki, the company’s director and president, and an unnamed individual. The company plans to complete the deal in Jan. 2020.
Proto Corp. established Proto Taiwan in 2011 in an attempt to launch a global automobile-related information business. However, the company failed to gain a foothold in the Southeast Asian country.
Therefore, the company has decided to “transfer all shares of Proto (Taiwan), as part of efforts to concentrate and select items in the business portfolio,” it said in a notice about the share transfer. The company offloaded 26.3 million shares of the Taiwanese subsidiary at a price of Y1,000 ($9 U.S.) per share.
Proto Corp., which was founded in 1989, runs a variety of marketplaces in Japan, including autos marketplace GooNet, motorcycle marketplace GooBike.com, a car workshop finder called GooPit, and Oikura.jp., a listing site for unwanted goods.
While Proto also owns lifestyle and real estate businesses, its automotive segment accounts for almost 90% of the company’s total revenue.