Mitsui & Co., Ltd. and its wholly owned subsidiary, Mitsui & Co. (U.S.A.), Inc., (collectively "Mitsui") announced today the signing of definitive agreements pursuant to which Mitsui & Co. (U.S.A.), Inc. will acquire 87.5% of the shares of privately held Affiliated Financial Corporation and BayQuest Capital Corporation (collectively, "AFC"), headquartered in Sunrise, FL. The selling group is comprised of companies' founder, Douglas J. Jacobs, who will retain a minority stake and remain as President & CEO after the transaction closes, and other individual shareholders. The acquisitions are subject to regulatory review and successful finance arrangements.
Florida-based AFC purchases, sells, securitizes and services retail automobile installment contracts originated by franchised and select independent dealers in approximately 40 states. Through its loan purchases, AFC serves as a source of financing for more than 4,000 dealerships, providing financing to consumers indirectly.
Mitsui, a diversified global trading, investment and service company, has considerable experience in automotive-related businesses worldwide, including logistics, assembly, distribution, dealerships, automotive parts and retail finance. These acquisitions are intended to enhance Mitsui's automobile value chain in the U.S.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission. This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.