䝣䜱䝘䞁䝅䝱䝹䞉䜰䝗䝞䜲䝄䞊

᪥ᮏM&Aࣞࣞࣅ࣮ࣗ
202ᖺ➨ᅄ༙ᮇ
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An LSEG Business᪥ᮏM&A䝺䝡䝳䞊
2023ᖺ㻌➨㻝ᅄ༙ᮇ| 䝣䜱䝘䞁䝅䝱䝹䞉䜰䝗䝞䜲䝄䞊

᪥ᮏM&A᱌௳㻌᝟ሗᴫせ᪥ᮏM&A 䝬䞊䜿䝑䝖ู䝷䞁䜽䝞䝸䝳䞊䚷䚷䚷䚷䚷䚷䚷䚷䚷䚷㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌䚷䚷䚷䚷䚷䚷䚷㻌㻌䚷䠄඙෇䠅᪥ᮏ㛵㐃䛾M&A 19%ቑຍ䛾5඙෇
2023ᖺ䠄1-3᭶ᮇ䠅䛾᪥ᮏ௻ᴗ䛜㛵୚䛩䜛M&Aබ⾲᱌௳䛿䚸⥲㢠5.3඙෇䛸䚸๓ᖺྠᮇẚ18.5䠂ቑຍ䛧䚸2018ᖺ௨᮶䛾ሀㄪ䛺⁥䜚ฟ䛧䛸䛺䛳䛯䚹1,000൨෇㉸䛾᱌௳䛿⥲㢠3.9඙෇(10௳)䛸䛺䜚䚸1-3᭶ᮇẚ䛷52.6%ቑ䛸䛺䛳䛯䚹᪥ᮏ㛵㐃M&A඲య䛾᱌௳ᩘ䛿䚸ྜィ1,129௳䛸๓ᖺྠᮇẚ11.1%ῶᑡ䛧䛯䚹䝝䜲䝔䜽䝜䝻䝆䞊䛜ᕷሙ䝅䜵䜰57%
⿕㈙཰ഃ௻ᴗ䛾ᴗ✀ู䛷ぢ䜛䛸䚸ྲྀᘬ⥲㢠䛜᭱䜒㧗䛛䛳䛯䛾䛿䝝䜲䝔䜽䝜䝻䝆䞊䛷䚸⥲㢠3඙෇䛸䚸๓ᖺྠᮇẚ167.9%䛾ቑຍ䚸ᕷሙ䝅䜵䜰
䛿56.5%䛸䛺䛳䛯䚹2఩䛿༺኎䜚䚸䝃䞊䝡䝇䛷䚸๓ᖺྠᮇẚ95.3%ቑ䛾3,940൨෇䛻㐩䛧䚸7.4%䜢༨䜑䛯䚹3఩䛿䜶䝛䝹䜼䞊㟁ຊ䛷䚸⥲㢠3,816൨෇䛸䛺䜚䚸7.2%䜢༨䜑䛯䚹䝞䜲䝃䜲䝗 䝣䜱䝘䞁䝅䝱䝹䞉䝇䝫䞁䝃䞊 䜰䜽䝔䜱䝡䝔䜱䚷267%ቑຍ
᪥ᮏ௻ᴗ䜢ᑐ㇟䛸䛧䛯䚸㈙཰ഃ䝣䜱䝘䞁䝅䝱䝹䞉䝇䝫䞁䝃䞊䛜┤᥋㛵୚䛩䜛M&A䜰䜽䝔䜱䝡䝔䜱䠄ᾏእ䞉ᅜෆ᱌௳䜢ྵ䜐䠅䛿䚸᪥ᮏ௻ᴗ㛵㐃(AD19a)䛾42.9%䜢༨䜑䛯䚹䛭䛾⥲㢠䛿๓ᖺྠᮇẚ267.4%ቑ䛾2.3඙෇䛻㐩䛧䚸1980ᖺ䛾㞟ィ㛤ጞ௨᮶㐣ཤ᭱㧗䛸䛺䛳䛯䚹᱌௳ᩘ䛿䚸ྜィ255௳䛷๓ᖺྠᮇẚ22.5%ῶᑡ䛧䛯䚹ᅜෆ᱌௳ 150%ቑຍ䚷OUT-IN᱌௳ 48%ቑຍ䚷IN-OUT᱌௳ 50%ῶᑡᅜෆ᱌௳䛿䚸⥲㢠3.6඙෇䛸๓ᖺྠᮇẚ149.5%ቑຍ䛧䚸2005ᖺ䛻ḟ䛠Ṕ௦2఩䛾㧗Ỉ‽䛸䛺䛳䛯䚹௒ᮇ䛾㤳఩᱌௳䛸䛺䛳䛯䚸᪥ᮏ⏘ᴗ䝟䞊䝖䝘䞊䝈ചୗ䛾䚸TBJ 䝩䞊䝹䝕䜱䞁䜾䝇䛾Ꮚ఍♫䚸TBJH䛻䜘䜛2.1඙෇䛾ᮾⰪ㈙཰᱌௳䛿䚸ᅜෆ䛾䝝䜲䝔䜽㛵㐃䛷Ṕ௦1఩䛾つᶍ䛸䛺䜚䚸㈙཰ഃ䝣䜱䝘䞁䝅䝱䝹䝇䝫䞁䝃䞊䛜┤᥋㛵୚䛩䜛᱌௳䛸䛧䛶䜒㐣ཤ᭱኱䛸䛺䛳䛯䚹OUT-IN᱌௳䛿䚸⥲㢠6,364൨෇䛸๓ᖺྠᮇẚ47.5%䛾ቑຍ䚸➨䠍ᅄ༙ᮇ䛸䛧䛶䛿2007ᖺ௨᮶䛾㧗Ỉ‽䛸䛺䛳䛯䚹OUT-IN䛾᭱኱᱌௳䛿䚸䝅䞁䜺䝫䞊䝹ᨻᗓ⣔䝣䜯䞁䝗GIC䛻䜘䜛䚸ே஦䝋䝣䝖䜴䜶䜰㛤Ⓨ఍♫䛾䝽䞊䜽䝇䝠䝳䞊䝬䞁䜲䞁䝔䝸䝆䜵䞁䝇㈙཰᱌௳(3,500൨෇)䚹ྠ᱌௳䛿䝅䞁䜺䝫䞊䝹䛻䜘䜛᪥ᮏ௻ᴗ㈙཰᱌௳䛸䛧䛶䛿㐣ཤ᭱኱䛸䛺䛳䛯䚹୍᪉䚸IN-OUT᱌௳䛿䚸๓ᖺྠᮇẚ49.6%ῶᑡ䛾⥲㢠7,483൨෇䛸䛺䜚䚸㐣ཤ10ᖺ䛷ึ䜑䛶1඙෇䜢ୗᅇ䛳䛯䚹¥61,200¥51,000

¥4800

¥3600

¥2400

¥12000¥01Q 2014䝃䝇䝔䝘䝤䝹䝣䜯䜲䝘䞁䝇M&A䜰䜽䝔䜱䝡䝔䜱 25%ቑຍ
䝃䝇䝔䝘䝤䝹䝣䜯䜲䝘䞁䝇㛵㐃䛾M&A䜰䜽䝔䜱䝡䝔䜱䛿䚸⥲㢠2,618൨෇䛸๓ᖺྠᮇẚ24.8%ቑຍ䛧䛯䚹௒ᮇ䛾ୖ఩᱌௳5఩䛻䝷䞁䜽䜲䞁䛧䛯䛾䛿䚸ᮾி㟁ຊ䝩䞊䝹䝕䜱䞁䜾䝇䛚䜘䜃୰㒊㟁ຊ䛾ྜᘚ఍♫JERA䛻䜘䜛䚸䝧䝹䜼䞊䛾ὒୖ㢼ຊⓎ㟁఍♫䚸䝟䞊䜽䜴䜱䞁䝗㈙཰᱌௳(2,211൨෇)䚹ྠ᱌௳䛿䚸᪥ᮏ䛻䜘䜛䝧䝹䜼䞊௻ᴗ㈙཰᱌௳䛸䛧䛶䛿㐣ཤ᭱኱䚸᪥ᮏ௻ᴗ䛻䜘䜛௦᭰䜶䝛䝹䜼䞊䞉㈨※㛵㐃䛾㈙཰᱌௳䛸䛧䛶䛿Ṕ
௦2఩䛾つᶍ䛸䛺䛳䛯䚹

1Q 2015

1Q 2016

1Q 2017

1Q 2018

1Q 2019

1Q 2020

1Q 2021

1Q 2022IN - IN 䢓䢙䡴䢆䢚䢔䡩䡬

OUT - IN 䢓䢙䡴䢆䢚䢔䡩䡬IN - OUT 䢓䢙䡴䢆䢚䢔䡩䡬IN - IN ᱌௳ᩘ

OUT - IN ᱌௳ᩘ

IN - OUT ᱌௳ᩘ

1Q 2023᏶஢᱌௳䚷14%ቑຍ
2023ᖺ䠄1-3᭶ᮇ䠅䛾᪥ᮏ௻ᴗ䛜㛵୚䛩䜛M&A᏶஢᱌௳䛿䚸⥲㢠4.3඙෇䛸䚸๓ᖺྠᮇẚ24.3䠂ቑຍ䛧䛯䚹᱌௳ᩘ䛿䚸ྜィ845௳䛸䛺䜚๓ᖺྠᮇẚ14.7%ῶᑡ䛧䛯䚹

᪥ᮏM&A ୖ఩᱌௳᪥ᮏ௻ᴗ䜢ᑐ㇟䛸䛩䜛㻌䝣䜱䝘䞁䝅䝱䝹䞉䝇䝫䞁䝃䞊䞉䜰䜽䝔䜱䝡䝔䜱䝷䞁䜽᪥⿕㈙཰ഃ௻ᴗ

⿕㈙཰ഃᅜ⡠䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅

2023ᖺ3᭶23᪥

ᮾⰪ᪥ᮏ

21,152.3

TBJH

᪥ᮏ

2023ᖺ3᭶30᪥࣮࣡ࢡࢫࣄ࣮࣐ࣗࣥ࢖ࣥࢸࣜ
ࢪ࢙ࣥࢫ

᪥ᮏ

3,500.0

GIC㺚㺻㺔㺼㺬㺽㺎㺷

2023ᖺ1᭶31᪥

ࢹ࢕࣮࢚࢖ࢳࢩ࣮

᪥ᮏ

3,000.0࢜ࣜࢵࢡࢫ

᪥ᮏ

2023ᖺ2᭶10᪥ࢪࣕࣃࣥࢹ࢕ࢫࣉࣞ࢖

᪥ᮏ

2,602.4࠸ࡕࡈࢺࣛࢫࢺ

᪥ᮏ

2023ᖺ3᭶22᪥

ࣃ࣮ࢡ࢘࢕ࣥࢻ

࣋ࣝࢠ࣮

2,211.1

JERA᪥ᮏ2023ᖺ3᭶27᪥

㺫㺼㺢㺣㺯㺃㺪㺽㺹㺛㺫㺽㺶㺡㺆㺎㺃㺚㺼㺌㺐㺻㺢㺃㺛㺢㺍㺖㺃࣋ࢺࢼ࣒㺘㺭㺎㺚㺊㺷㺃㺨㺼㺻㺖

1,995.6୕஭ఫ཭㖟⾜᪥ᮏ2023ᖺ2᭶1᪥

SBC࣓ࢹ࢕࢝ࣝࢢ࣮ࣝࣉ࣮࣍ࣝࢹ࢕ࣥࢢࢫ᪥ᮏ

1,561.1

࣏ࣀ ࢟ࣕࣆࢱࣝ ࢺ࣮ࢗ⡿ᅜ

2023ᖺ3᭶27᪥

SCM 㺮㺦㺵 㺷㺮㺣 㺔㺍㺨㺽㺎 㺟㺶ࢳࣜ

1,241.6ࣛࣥࢹ࢕࣐ࣥ࢖ࢽࣥࢢ

࢝ࢼࢲ

㈙཰ഃ௻ᴗ

㈙཰ഃᅜ⡠䠄൨෇䠅
350¥25,000300¥20,000
250¥15,000

200
150¥10,000

100¥5,00050¥00
1Q 20142023ᖺ3᭶30᪥᪥❧࢔ࢫࢸࣔ

᪥ᮏ

1,120.9᪥❧࢔ࢫࢸࣔ

᪥ᮏ

2023ᖺ2᭶21᪥

࢚ࣝࢡࣂ࣮ࣞࣜࢯ࣮ࢩࢬ

࢝ࢼࢲ

1,022.9

᪂᪥ᮏ〇㚩᪥ᮏ

1Q 2015

1Q 2016

1Q 2017

1Q 2018

1Q 2019

1Q 2020㈙཰ഃ䢈䡤䢁䢙䡸䡨䢕䡡䡹䢊䢛䢙䡷䡬䛜┤᥋㛵୚䛩䜛䡭䡴䡿䡤䢇䢚䡿䡤An LSEG Business䚷䚷 䚷䚷

1Q 2021
᱌௳ᩘ

1Q 2022

1Q 2023᪥ᮏ௻ᴗ㛵㐃䚷බ⾲᱌௳ (AD19a)䝷䞁䜽䝞䝸䝳䞊䝧䞊䝇/୙ື⏘᱌௳䜢㝖䛟䢈䡤䢁䢙䡸䡨䢕䡡䡭䢀䢚䢆䢚䡮䡷䢚䡬㔝ᮧ䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㼁㻮㻿㻶㻼䝰䝹䜺䞁䜽䝻䝇䝫䜲䞁䝖䜰䝗䝞䜲䝄䞊䝈୕⳻㼁㻲㻶䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻮㼛㼒㻭䝉䜻䝳䝸䝔䜱䞊䝈㉥ᆏᅜ㝿఍ィ㻼㼣㻯኱࿴ドๆ䜾䝹䞊䝥ᮏ♫䝅䝔䜱䝥䝹䞊䝍䝇䞉䜾䝹䞊䝥䝕䝻䜲䝖䝇䝁䝅䜰䝞䞁䜽㻮㻹㻻䜻䝱䝢䝍䝹䞉䝬䞊䜿䝑䝒䢀䢗䢙䢀䡡䢀䢚䢌䢂䡱䢙᪥ᮏドๆ䝞䞊䜽䝺䜲䝈㻯㻵㻮㻯䝽䞊䝹䝗䞉䝬䞊䜿䝑䝒䞉䜲䞁䜽䜸䝸䝆䞁䞉䝬䞊䝏䝱䞁䝖䞉䝟䞊䝖䝘䞊䜰䝹䝕䞊䜰㻌䝟䞊䝖䝘䞊䝈䝂䞊䝹䝗䝬䞁䞉䝃䝑䜽䝇㻷㻼㻹㻳䜶䝞䞊䝁䜰䞉䝟䞊䝖䝘䞊䝈㻿㻮㻵䝩䞊䝹䝕䜱䞁䜾䝇ᕷሙྜィ๓ᖺྠᮇẚ19%

๓ᅄ༙ᮇẚᕷሙ༨᭷⋡๓ᖺẚ䠄༨᭷⋡䠅㡰఩
2023

㡰఩2022䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㻝㻞㻟㻠㻡㻢㻣㻤㻥㻝㻜㻝㻝㻝㻞㻝㻟㻝㻠㻝㻡㻝㻢㻝㻣㻖㻝㻣㻖㻝㻣㻖㻝㻣㻖㻝㻣㻖㻝㻣㻖㻞㻟㻞㻠㻞㻡㻟㻞㻢㻝㻝㻙㻝㻡㻡㻥㻖㻟㻥㻖㻞㻠㻞㻡㻝㻣㻖㻞㻜㻝㻠㻙㻙㻙㻥㻙㻙㻙㻠㻝㻡㻟㻢㻠㻟㻞㻡㻘㻥㻟㻣㻞㻠㻘㻝㻜㻣㻞㻟㻘㻤㻝㻜㻞㻞㻘㻤㻡㻝㻞㻝㻘㻝㻡㻞㻡㻘㻤㻜㻣㻟㻘㻤㻤㻝㻞㻘㻥㻠㻟㻞㻘㻢㻜㻞㻞㻘㻜㻝㻥㻝㻘㻥㻜㻣㻝㻘㻢㻥㻥㻝㻘㻢㻡㻜㻝㻘㻠㻥㻜㻝㻘㻞㻠㻞㻝㻘㻜㻠㻟㻝㻘㻜㻞㻟㻝㻘㻜㻞㻟㻝㻘㻜㻞㻟㻝㻘㻜㻞㻟㻝㻘㻜㻞㻟㻝㻘㻜㻞㻟㻡㻞㻤㻟㻡㻡㻞㻥㻟53,259᪥ᮏ௻ᴗ㛵㐃䚷බ⾲᱌௳ (AD19a)᱌௳ᩘ䝧䞊䝇/୙ື⏘᱌௳䜢㝖䛟๓ᖺྠᮇẚ㡰఩2023䢈䡤䢁䢙䡸䡨䢕䡡䡭䢀䢚䢆䢚䡮䡷䢚䡬୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻝䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻞䝕䝻䜲䝖㻟㔝ᮧ㻠኱࿴ドๆ䜾䝹䞊䝥ᮏ♫㻡㻷㻼㻹㻳㻢䝣䞊䝸䝝䞁䞉䝻䞊䜻䞊㻣୕⳻㼁㻲㻶䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊㻤㻖㻮㼛㼒㻭䝉䜻䝳䝸䝔䜱䞊䝈㻤㻖㻼㼣㻯㻝㻜䝥䝹䞊䝍䝇䞉䜾䝹䞊䝥㻝㻝㻭㻳㻿䝁䞁䝃䝹䝔䜱䞁䜾㻝㻞㻖䝬䜽䝃䝇䞉䝁䞊䝫䝺䞊䝖䜰䝗䝞䜲䝄䝸䞊 㻝㻞㻖䛒䛚䛮䜙㖟⾜㻝㻠㻖ᒣ⏣䝁䞁䝃䝹䝔䜱䞁䜾䜾䝹䞊䝥㻝㻠㻖㼁㻮㻿㻝㻠㻖䡭䡬䢙䡹䢀䡡䡭䢙䢀䢚䡡䢐䢙䡴䢚㻝㻣㻖㻿㻮㻵䝩䞊䝹䝕䜱䞁䜾䝇㻝㻣㻖䝴䝙䞂䜱䝇䜾䝹䞊䝥㻝㻣㻖䝞䝸䝳䞊䜰䝗䝞䜲䝄䝸䞊㻝㻣㻖䝅䝔䜱㻞㻝㻖㻺㻱㻯䜻䝱䝢䝍䝹䝋䝸䝳䞊䝅䝵䞁㻞㻝㻖䝍䝘䝧䝁䞁䝃䝹䝔䜱䞁䜾㻞㻝㻖䝡䝈䝸䞁䜽䞉䜰䝗䝞䜲䝄䝸䞊㻞㻝㻖㻶㻼䝰䝹䜺䞁㻞㻝㻖ᕷሙྜィ㻖䛿ྠ㡰఩䜢⾲䛩
An LSEG Business㡰఩2022㻝㻞㻖㻞㻖㻠㻥㻢㻣㻝㻜㻖㻠㻝㻖㻡㻤㻝㻤㻖㻝㻤㻖㻝㻢㻖㻝㻟㻖㻞㻟㻝㻜㻖㻝㻤㻖㻟㻜㻖㻠㻝㻖㻠㻝㻖㻠㻝㻖㻙㻙㻟㻜㻖᱌௳ᩘ㻠㻤㻚㻣㻠㻡㻚㻟㻠㻠㻚㻣㻠㻞㻚㻥㻟㻥㻚㻣㻝㻜㻚㻥㻣㻚㻟㻡㻚㻡㻠㻚㻥㻟㻚㻤㻟㻚㻢㻟㻚㻞㻟㻚㻝㻞㻚㻤㻞㻚㻟㻞㻚㻜㻝㻚㻥㻝㻚㻥㻝㻚㻥㻝㻚㻥㻝㻚㻥㻝㻚㻥㻝㻚㻜㻜㻚㻣㻜㻚㻢100-11%ᕷሙ༨᭷⋡㻟㻠㻟㻝㻟㻜㻝㻥㻝㻢㻝㻠㻝㻝㻝㻜㻝㻜㻥㻤㻢㻢㻡㻡㻡㻠㻠㻠㻠㻟㻟㻟㻟㻟㻟㻚㻜㻞㻚㻤㻞㻚㻣㻝㻚㻣㻝㻚㻠㻝㻚㻞㻝㻚㻜㻜㻚㻥㻜㻚㻥㻜㻚㻤㻜㻚㻣㻜㻚㻡㻜㻚㻡㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻟㻜㻚㻟㻜㻚㻟㻜㻚㻟㻜㻚㻟1,12910022%᱌௳ᩘ㻞㻥㻚㻤㻞㻠㻚㻤㻟㻞㻚㻠㻟㻡㻚㻠㻟㻥㻚㻣㻙㻝㻡㻚㻢㻙㻣㻚㻣㻡㻚㻡㻠㻚㻤㻞㻚㻞㻞㻚㻝㻙㻜㻚㻠㻜㻚㻣㻙㻝㻚㻠㻞㻚㻟㻞㻚㻜㻝㻚㻥㻙㻣㻚㻞㻝㻚㻥㻝㻚㻥㻝㻚㻥㻙㻝㻡㻚㻢㻙㻟㻚㻜㻜㻚㻠㻜㻚㻡㻝㻥㻟㻝㻡㻟㻝㻝㻜㻟㻠㻝㻜㻝㻥㻝㻢㻟㻤㻟㻜㻝㻞㻝㻞㻝㻝㻝㻝㻝㻠㻞㻠1,129

๓ᅄ༙ᮇẚ

1%

๓ᖺẚ䠄༨᭷⋡䠅䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㻜㻚㻠㻜㻚㻟㻜㻚㻞㻙㻜㻚㻣㻜㻚㻠㻙㻜㻚㻡㻙㻜㻚㻣㻜㻚㻜㻜㻚㻤㻙㻝㻚㻜㻙㻜㻚㻢㻜㻚㻝㻜㻚㻝㻙㻜㻚㻝㻙㻜㻚㻞㻜㻚㻝㻙㻜㻚㻡㻜㻚㻜㻜㻚㻞㻜㻚㻟㻜㻚㻞㻜㻚㻞㻜㻚㻟㻜㻚㻟㻜㻚㻝㻟㻘㻤㻤㻝㻞㻠㻘㻝㻜㻣㻝㻘㻠㻥㻜㻞㻡㻘㻥㻟㻣㻝㻘㻥㻜㻣㻡㻞㻤㻢㻣㻡㻘㻤㻜㻣㻞㻘㻥㻠㻟㻞㻘㻜㻝㻥㻝㻘㻢㻡㻜㻟㻣㻟㻝㻞㻝㻠㻞㻟㻘㻤㻝㻜㻟㻡㻞㻥㻟㻟㻢㻞㻝㻘㻢㻥㻥㻝㻜㻤㻜㻝㻞㻞㻞㻘㻤㻡㻝53,259᪥ᮏ௻ᴗ㛵㐃䚷᏶஢᱌௳ (AF23a)䝷䞁䜽䝞䝸䝳䞊䝧䞊䝇/୙ື⏘᱌௳䜢㝖䛟㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻮㼛㼒㻭䝉䜻䝳䝸䝔䜱䞊䝈㼁㻮㻿㻶㻼䝰䝹䜺䞁䜶䝞䞊䝁䜰䞉䝟䞊䝖䝘䞊䝈୕⳻㼁㻲㻶䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊㔝ᮧ㉥ᆏᅜ㝿఍ィ䝕䝻䜲䝖䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻼㼣㻯䝂䞊䝹䝗䝬䞁䞉䝃䝑䜽䝇኱࿴ドๆ䜾䝹䞊䝥ᮏ♫䝣䞊䝸䝝䞁䞉䝻䞊䜻䞊䝣䝻䞁䝔䜱䜰䞉䝬䝛䝆䝯䞁䝖䝅䝔䜱䝥䝹䞊䝍䝇䞉䜾䝹䞊䝥㻷㻼㻹㻳ᒣ⏣䝁䞁䝃䝹䝔䜱䞁䜾䜾䝹䞊䝥䝰䞊䝸䝇䝤䝹䝑䜽䜴䝑䝗㻌䜰䝋䝅䜶䜲䝒䝟䜲䝟䞊䞉䝃䞁䝗䝷䞊㻭㻳㻿䝁䞁䝃䝹䝔䜱䞁䜾㻺㻱㻯䜻䝱䝢䝍䝹䝋䝸䝳䞊䝅䝵䞁䝇䝖䝸䞊䝮ᕷሙྜィ๓ᖺྠᮇẚ24%

๓ᅄ༙ᮇẚᕷሙ༨᭷⋡๓ᖺẚ䠄༨᭷⋡䠅㡰఩
2023

㡰఩2022㺵㺻㺖㺨㺼㺶㺋㺎㸦൨෇㸧㻝㻞㻟㻠㻡㻢㻣㻤㻥㻝㻜㻝㻝㻝㻞㻝㻟㻝㻠㻝㻡㻝㻢㻝㻣㻝㻤㻝㻥㻞㻜㻞㻝㻖㻞㻝㻖㻞㻟㻞㻠㻞㻡㻢㻡㻙㻝㻜㻙㻝㻠㻙㻝㻞㻞㻝㻠㻟㻣㻝㻡㻝㻤㻡㻡㻖㻝㻟㻝㻝㻥㻤㻙㻙㻟㻥㻡㻡㻖㻟㻢㻝㻢㻘㻜㻜㻣㻝㻜㻘㻤㻜㻤㻝㻜㻘㻟㻡㻟㻝㻜㻘㻜㻤㻥㻤㻘㻢㻝㻠㻣㻘㻠㻢㻥㻡㻘㻤㻢㻞㻠㻘㻣㻜㻠㻟㻘㻟㻡㻥㻟㻘㻜㻥㻥㻞㻘㻢㻠㻢㻝㻘㻤㻞㻥㻝㻘㻟㻢㻜㻝㻘㻟㻜㻞㻥㻥㻟㻥㻢㻡㻤㻥㻠㻠㻤㻤㻠㻟㻠㻞㻡㻟㻞㻟㻣㻞㻟㻣㻝㻞㻜㻝㻝㻞㻝㻜㻠
43,057

᪥ᮏ௻ᴗ㛵㐃䚷᏶஢᱌௳ (AF23a)᱌௳ᩘ䝧䞊䝇/୙ື⏘᱌௳䜢㝖䛟๓ᖺྠᮇẚ㡰఩2023䢈䡤䢁䢙䡸䡨䢕䡡䡭䢀䢚䢆䢚䡮䡷䢚䡬㻝୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻞䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻟䝕䝻䜲䝖㻠㻖㔝ᮧ㻠㻖䝣䞊䝸䝝䞁䞉䝻䞊䜻䞊㻢㻼㼣㻯㻣㻖㻷㻼㻹㻳㻣㻖䝥䝹䞊䝍䝇䞉䜾䝹䞊䝥㻥ᒣ⏣䝁䞁䝃䝹䝔䜱䞁䜾䜾䝹䞊䝥㻝㻜㻖㻭㻳㻿䝁䞁䝃䝹䝔䜱䞁䜾㻝㻜㻖኱࿴ドๆ䜾䝹䞊䝥ᮏ♫㻝㻞㻖୕⳻㼁㻲㻶䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊ᮾி䝣䜱䝘䞁䝅䝱䝹䞉䜰䝗䝞䜲䝄䞊䝈 㻝㻞㻖䝬䜽䝃䝇䞉䝁䞊䝫䝺䞊䝖䜰䝗䝞䜲䝄䝸䞊 㻝㻞㻖㻝㻞㻖㻮㼛㼒㻭䝉䜻䝳䝸䝔䜱䞊䝈㻝㻢䛒䛚䛮䜙㖟⾜㻝㻣㻖㻺㻱㻯䜻䝱䝢䝍䝹䝋䝸䝳䞊䝅䝵䞁㻝㻣㻖䜾䝻䞊䜴䜱䞁䞉䝟䞊䝖䝘䞊䝈㻝㻥㻖㻿㻮㻵䝩䞊䝹䝕䜱䞁䜾䝇㻝㻥㻖䝣䝻䞁䝔䜱䜰䞉䝬䝛䝆䝯䞁䝖㻝㻥㻖㼁㻮㻿㻝㻥㻖㉥ᆏᅜ㝿఍ィ㻝㻥㻖䝍䝘䝧䝁䞁䝃䝹䝔䜱䞁䜾ᕷሙྜィ㡰఩2022㻝㻞㻡㻖㻟㻝㻜㻡㻖㻠㻤㻝㻝㻝㻤㻖㻣㻥㻝㻢㻖㻝㻤㻖㻝㻞㻖㻝㻢㻖㻟㻤㻖㻞㻢㻖㻟㻤㻖㻝㻞㻖㻙㻙㻙᱌௳ᩘ㻟㻣㻚㻞㻞㻡㻚㻝㻞㻠㻚㻜㻞㻟㻚㻠㻞㻜㻚㻜㻝㻣㻚㻠㻝㻟㻚㻢㻝㻜㻚㻥㻣㻚㻤㻣㻚㻞㻢㻚㻞㻠㻚㻟㻟㻚㻞㻟㻚㻜㻞㻚㻟㻞㻚㻞㻞㻚㻝㻝㻚㻝㻝㻚㻜㻜㻚㻢㻜㻚㻢㻜㻚㻢㻜㻚㻟㻜㻚㻟㻜㻚㻞100-15%ᕷሙ༨᭷⋡㻟㻠㻞㻡㻞㻝㻝㻡㻝㻡㻝㻝㻝㻜㻝㻜㻤㻣㻣㻢㻢㻢㻢㻡㻠㻠㻟㻟㻟㻟㻟㻠㻚㻜㻟㻚㻜㻞㻚㻡㻝㻚㻤㻝㻚㻤㻝㻚㻟㻝㻚㻞㻝㻚㻞㻝㻚㻜㻜㻚㻤㻜㻚㻤㻜㻚㻣㻜㻚㻣㻜㻚㻣㻜㻚㻣㻜㻚㻢㻜㻚㻡㻜㻚㻡㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠845100㻞㻡㻚㻞㻝㻞㻚㻜㻞㻠㻚㻜㻝㻣㻚㻞㻞㻜㻚㻜㻙㻝㻢㻚㻠㻙㻜㻚㻝㻝㻜㻚㻥㻠㻚㻡㻙㻝㻟㻚㻟㻟㻚㻢㻙㻝㻠㻚㻢㻙㻢㻚㻢㻜㻚㻢㻜㻚㻤㻞㻚㻞㻙㻜㻚㻤㻙㻟㻚㻝㻙㻡㻚㻣㻙㻢㻚㻢㻜㻚㻢㻜㻚㻢㻜㻚㻞㻜㻚㻟㻜㻚㻜๓ᅄ༙ᮇẚ14%᱌௳ᩘ㻟㻠㻢㻟㻞㻞㻢㻝㻡㻟㻞㻝㻞㻡㻝㻝㻞㻣㻝㻡㻟㻞㻝㻜㻝㻜㻤㻝㻝㻞㻣㻠㻝8450%

๓ᖺẚ䠄༨᭷⋡䠅䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㻜㻚㻞㻙㻜㻚㻣㻜㻚㻞㻙㻝㻚㻝㻜㻚㻢㻙㻝㻚㻜㻙㻝㻚㻟㻙㻜㻚㻞㻜㻚㻝㻜㻚㻟㻙㻜㻚㻥㻙㻜㻚㻢㻜㻚㻝㻜㻚㻞㻙㻜㻚㻝㻜㻚㻜㻜㻚㻠㻜㻚㻟㻜㻚㻟㻙㻜㻚㻠㻜㻚㻠㻜㻚㻠㻜㻚㻠㻝㻢㻘㻜㻜㻣㻟㻘㻜㻥㻥㻟㻘㻟㻡㻥㻡㻘㻤㻢㻞㻝㻘㻟㻜㻞㻞㻘㻢㻠㻢㻠㻤㻤㻤㻥㻠㻠㻟㻠㻝㻞㻜㻝㻘㻟㻢㻜㻣㻘㻠㻢㻥㻞㻜㻝㻜㻝㻝㻜㻘㻤㻜㻤㻞㻝㻝㻞㻢㻞㻜㻥㻥㻟㻝㻜㻘㻟㻡㻟㻠㻘㻣㻜㻠㻜43,057ᅜෆ᱌௳䚷䜰䝗䝞䜲䝄䞊ୖ఩㻡఩䝷䞁䜽䝞䝸䝳䞊䝧䞊䝇᱌௳ᩘ䝧䞊䝇䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎㔝ᮧ䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㼁㻮㻿㻶㻼䝰䝹䜺䞁䜽䝻䝇䝫䜲䞁䝖䜰䝗䝞䜲䝄䞊䝈㻌㻌㻌㻞㻡㻘㻟㻢㻡㻌㻌㻌㻞㻞㻘㻜㻡㻟㻌㻌㻌㻞㻝㻘㻝㻡㻞㻌㻌㻌㻞㻝㻘㻝㻡㻞㻌㻌㻌㻞㻝㻘㻝㻡㻞㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥䜏䛪䜋䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㔝ᮧ኱࿴ドๆ䜾䝹䞊䝥ᮏ♫䝕䝻䜲䝖᱌௳ᩘ㻞㻥㻞㻢㻝㻢㻝㻡㻝㻠IN-OUT᱌௳䚷䜰䝗䝞䜲䝄䞊ୖ఩5఩䝷䞁䜽䝞䝸䝳䞊䝧䞊䝇᱌௳ᩘ䝧䞊䝇䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎୕⳻㼁㻲㻶䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊㼁㻮㻿㻼㼣㻯㻮㻹㻻䜻䝱䝢䝍䝹䞉䝬䞊䜿䝑䝒㻌㻌㻌㻌㻌㻞㻘㻞㻝㻝㻌㻌㻌㻌㻌㻞㻘㻞㻝㻝㻌㻌㻌㻌㻌㻝㻘㻥㻥㻢㻌㻌㻌㻌㻌㻝㻘㻜㻠㻟㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎䝕䝻䜲䝖䝣䞊䝸䝝䞁䞉䝻䞊䜻䞊㻮㼛㼒㻭䝉䜻䝳䝸䝔䜱䞊䝈㻼㼣㻯᱌௳ᩘ㻝㻜㻢㻡㻠

OUT-IN᱌௳䚷䜰䝗䝞䜲䝄䞊ୖ఩5఩䝷䞁䜽䝞䝸䝳䞊䝧䞊䝇᱌௳ᩘ䝧䞊䝇㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎㔝ᮧ䝕䝻䜲䝖୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥㻷㻼㻹㻳㻿㻮㻵䝩䞊䝹䝕䜱䞁䜾䝇䢓䢙䡴䢆䢚䢔䡩䡬䠄൨෇䠅㻌㻌㻌㻌㻌㻌㻌㻠㻞㻜㻌㻌㻌㻌㻌㻌㻌㻟㻣㻜㻌㻌㻌㻌㻌㻌㻌㻟㻝㻢㻌㻌㻌㻌㻌㻌㻌㻞㻣㻞㻌㻌㻌㻌㻌㻌㻌㻞㻣㻞㺪㺆㺣㺻㺚㺊㺷㺃㺏㺢㺼㺨㺼㺐㺙㺼㺎䝕䝻䜲䝖㔝ᮧ୕஭ఫ཭䝣䜱䝘䞁䝅䝱䝹䜾䝹䞊䝥

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䝍 䞊䝀䝑 䝖 ഃᴗ✀ู䝷 䞁 䜽 䝞䝸 䝳 䞊䛸 ᱌௳ᩘ¥8,331䝝䜲䝔䜽䝜䝻䝆䞊
¥3,506313

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494¥3,566

䜶䝛䝹䜼䞊㟁ຊ¥30,100

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136

¥3,816䛭䛾௚
53¥3,94056

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እ㍯䠖䝷䞁䜽䝞䝸䝳䞊(൨෇䠅ෆ㍯䠖᱌௳ᩘMergers & Acquisitions 䜽䝷䜲䝔䝸䜰ᖺ㻌➨㻝ᅄ༙ᮇ㼨㻌䝣䜱䝘䞁䝅䝱䝹䜰䝗䝞䜲䝄䞊ሗ㐨㛵ಀ⪅䛛䜙䛾䛚ၥ䛔ྜ䜟䛫ඛ䠖௻ᴗᗈሗᢸᙜ䠖㻌㟷஭㻌ᗣᜨ㻱㼙㼍㼕㼘㻦㻌<DVXH$RL@OVHJ.comබ⾲᱌௳䝧䞊䝇䛾䝸䞊䜾䝔䞊䝤䝹䞉䝷䞁䜻䞁䜾䛿䚸䝸䝣䜱䝙䝔䜱䝤䛜ㄆ㆑䛧䛶䛔䜛20ᖺ1᭶1᪥䛛䜙20ᖺ᭶᪥䛾ᮇ㛫䛻බ⾲䛥䜜䛯᱌௳䜢ᑐ㇟䛸䛧䛶䛚䜚䚸௒ᮇ䛚䜘䜃᫖ᖺ䛾඲䛶䛾䝕䞊䝍䛿䚸᪥ᮏ᫬㛫20ᖺ᭶᪥༗๓㻝㻜᫬䛻ᢳฟ䛧䛯䜒䛾䛷䛒䜛䚹䝷䞁䜻䞁䜾䛻䛚䛡䜛ྲྀᘬ㔠㢠䛿䛩䜉䛶᪥ᮏ෇䛷⾲♧䛥䜜䚸୙ື⏘ྲྀᚓ䛾᱌௳䛿㝖እ䛧䛶䛔䜛䚹㻌䝸䞊䜾䝔䞊䝤䝹ᑐ㇟䛸䛺䜛䛾䛿䚸ྜే䚸㈙཰䚸ᕷሙ䜢௓䛥䛺䛔⮬ᕫᰴᘧྲྀᚓ䚸䝇䝢䞁䜸䝣䚸බ㛤㈙௜䛻䜘䜛⮬♫ᰴ㈙䛔䚸ᑡᩘᰴ୺ᣢ䛱ศ(50䠂௨ୗ)䛾ᰴᘧྲྀ㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌ᚓ䚸ཬ䜃䝕䝑䝖䞉䝸䝇䝖䝷䜽䝏䝱䝸䞁䜾᱌௳䛷䛒䜛䚹බ㛤㈙௜䞉ྜే᱌௳䛿䚸䛭䛾᱌௳䛜᏶஢䛧䛯᪥௜䜢䜒䛳䛶᭷ຠ䛸ぢ䛺䛩䚹᱌௳䛾䛤Ⓩ㘓䚸䝸䞊䜾䝔䞊䝤䝹䞉䜽䝷䜲䝔䝸䜰䛻㛵䛩䜛䛤㉁ၥ䚸ᅄ༙ᮇ䝺䝡䝳䞊䛾ཷಙ䛻㛵䛩䜛䛚ၥ䛔ྜ䜟䛫ඛ䠖㻌㻌 㻌ᮏᶫ 㤾㻌 㻌
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ྲྀᘬ㔠㢠䛜㠀㛤♧䛾᱌௳䜒䝷䞁䜻䞁䜾䛾ᑐ㇟䛸䛺䜚䚸䛭䛾ሙྜྲྀᘬ㔠㢠䛿⾲♧䛥䜜䛺䛔䚹᱌௳䛻㛵୚䛧䛯䝣䜱䝘䞁䝅䝱䝹ཬ䜃䝸䞊䜺䝹䞉䜰䝗䝞䜲䝄䞊䛿䚸ᑡᩘᰴ୺䜔䝆䝵䜲䞁䝖䝧䞁䝏䝱䞊䝟䞊䝖䝘䞊䛾௦⾲䚸᱌௳䛾୍㒊䛾䜏䛻ຍ䜟䛳䛯ሙྜ䚸䜒䛧䛟䛿䝸䝣䜱䝙䝔䜱䝤䛜᱌௳䛾ཧຍ⪅䛻䛴䛔䛶ㄆ㆑䛧䛶䛔䛺䛔ሙྜ䜢㝖䛝䚸䝣䝹䞉䝸䞊䜾䝔䞊䝤䝹䞉䜽䝺䝆䝑䝖䛜௜୚䛥䜜䜛䚹㛵㐃䝸䞊䜾䝔䞊䝤䝹䛿䚸⿕㈙཰ഃ䚸㈙཰ഃ䚸䛒䜛䛔䛿᭱⤊ぶ఍♫䛾䛔䛪䜜䛛䛜≉ᐃ䛾ᆅᇦ䜔ᅜ⡠䛻䛒䜛᱌௳䛜ྵ䜎䜜䜛䚹┦ᑐྲྀᘬ䛻䜘䜛ᑡᩘᣢศྲྀᚓ᱌௳䛾኎䜚ᡭ䛚䜘䜃኎䜚ᡭ䛾᭱⤊ぶ఍♫䛾ᅜ⡠䜒ᆅᇦู䜽䝺䝆䝑䝖䛜௜୚䛥䜜䜛䚹䝸䞊䜾䝔䞊䝤䝹䚸䝁䝯䞁䝖䚸䝏䝱䞊䝖䛿䝷䞁䜽᪥䝧䞊䝇䛷సᡂ䛥䜜䚸᱌௳䝇䝔䞊䝍䝇䛜 Intended䠄㈙཰䛾ពᛮ⾲᫂䛜䛒䛳䛯䜒䛾䠅䚸Pending䠄⥅⥆୰䠅䚸Partially㻌Completed䠄㒊ศⓗ䛻᏶஢䠅䚸Completed䠄᏶஢䠅䚸Pending㻌 㻌 㻌Regulatory䠄㛵㐃ᐁබᗇᢎㄆᚅ䛱䠅䚸ཬ䜃Unconditional䠄↓᮲௳䠅䛾᱌௳䜢ᑐ㇟䛸䛩䜛䚹䝷䞁䜽᪥䛿᱌௳䛾ྲྀᘬ㔠㢠䛜᭱ึ䛻බ⾲䛥䜜䛯᪥䛸ᐃ⩏䛩䜛䚹䛣䛣䛻ᥖ㍕䛾୕⳻UFJ䝣䜱䝘䞁䝅䝱䝹䞉䜾䝹䞊䝥䛚䜘䜃䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊䛾䝸䞊䜾䝔䞊䝤䝹䞉䜽䝺䝆䝑䝖䛿䚸᪥ᮏ䛻䛚䛡䜛ྜᘚ఍♫䠄୕⳻UFJ䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊ドๆཬ䜃䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊MUFGドๆ䠅䛾タ❧ᚋ䛾≧ἣ䜢཯ᫎ䛧䛶䛔䜛䚹᪂タྜᘚ఍♫䛾䜽䝺䝆䝑䝖䛿䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊䜈㞟ィ䛥䜜䛶䛔䜛䚹᪥ᮏ௻ᴗ㛵㐃䛾䝸䞊䜾䝔䞊䝤䝹ୖ䛷䛿䚸䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊䛿䛂୕⳻UFJ䝰䝹䜺䞁䞉䝇䝍䞁䝺䞊䛃䛸䛧䛶⾲♧䛥䜜䛶䛔䜛䚹䝸䝣䜱䝙䝔䜱䝤䛻䛴䛔䛶㻸㻿㻱㻳䠄䝻䞁䝗䞁ドๆྲྀᘬᡤ䜾䝹䞊䝥䠅ചୗ䛾㻾㼑㼒㼕㼚㼕㼠㼕㼢䠄䝸䝣䜱䝙䝔䜱䝤䠅䛿䚸㔠⼥ᕷሙ䛾䝕䞊䝍䛸䜲䞁䝣䝷䝇䝖䝷䜽䝏䝱䛾ᥦ౪䛷ୡ⏺䜢䝸䞊䝗䛧䛶䛔䜎䛩䚹䝸䝣䜱䝙䝔䜱䝤䛿䚸㻝㻥㻜䜹ᅜ䛻䜟䛯䛳䛶㻠୓௨ୖ䛾௻ᴗ䜔㻠㻜୓䜢㉸䛘䜛䛚ᐈᵝ䛻䝃䞊䝡䝇䜢ᥦ౪䛧䛺䛜䜙䚸ୡ⏺୰䛾㔠⼥ᕷሙ䛻㛵䜟䜛ே䚻䜢ᨭ᥼䛧䛶䛔䜎䛩䚹䜎䛯䚸㔜せ䛺
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