To Acquire 80% Stake in European Large-scale Transformer & Reactor Development, Design & Manufacturing Company for ¥9.5bn

Research evidence excerpt

To Acquire 80% Stake in European Large-scale Transformer & Reactor Development, Design & Manufacturing Company for ¥9.5bn

Update

July 21, 2026 10:43 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTamura (6768) | Japan Yoshihito Hasegawa

Equity Analyst

To Acquire 80% Stake in Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

European Large-scale

Transformer & Reactor

Tamura (6768.T, 6768 JP)

Mid Small Cap/Manufacturer | Japan

Development, Design & Stock Rating Equal-weight

Industry View In-Line

Price target ¥900Manufacturing Company for Shr price, close (Jul 21, 2026) ¥891

Mkt cap, curr, basic (bn) ¥71.4

¥9.5bn Avg daily trading value (bn) ¥0.4

Key Takeaways

With the group consolidation of EMG (HQ & plant in Italy), Tamura will gain

molded transformer tech featuring epoxy-encapsulated void-free windings.

EMG handles medium-voltage, high-capacity products, with an extensive track

record for shipping, rail, industrial, welding and substation applications.

EMG's customer base differs from Tamura's in renewable energy, data centers &

industrial machinery, presenting great scope for new customer acquisition

through mutual product expansion.

EMG reported F12/24 sales of €27.17mn, OP of €6.23mn, NP of €4.63mn, net

assets of €11.89mn, total assets of €22.18mn.

The acquisition price, incl. advisory fees, is ~¥9.5bn (biggest to date). Assets

subject to amortization, incl. goodwill, and the amortization period are

undetermined at this stage.

On Jul 21, Tamura announced plans to acquire an 80% stake in EMG Power Electric

S.r.l. (EMG) from two existing shareholders. The agreement was signed on Jul 17,

with the transaction set to close on Oct 1. Through the acquisition of shares in EMG,

we expect Tamura to acquire technology and strengthen its capabilities in medium-