ME Group International PLC on Monday said that its Japanese subsidiary, ME Group Japan KK, has acquired an automated-photobooth business owned and operated by two subsidiaries of FUJIFILM Corp.

The Epsom, Surrey-based vending machine operator said that ME Group Japan has bought the business for a total consideration of £5.3 million, or JP¥966 million, with JP¥906 million payable at closing.

The acquisition has been funded by a new local loan facility at a fixed rate of 1.2%.

ME Group said that the acquisition would position its subsidiary as ‘the market leader’ in Japan, adding another 3,548 photobooths to the group’s operations in the country.

The acquired units are traditional photobooths located in high-footfall locations, such as travel hubs and shopping centres throughout Japan, delivering official photo ID pictures for consumers.

They will be fully integrated into the group’s operations in Japan and will benefit from operational synergies under the group’s ownership.

‘We are delighted to have completed this acquisition which is aligned to our strategy of further consolidating our leading market position in our core markets, as well as making selective bolt-on acquisitions. It significantly expands our operations in Japan, increasing our installed estate in Asia Pacific to more than 15,100 photobooths and positions the group as the leading photobooth operator in the Japanese market,’ said Chief Executive Officer Serge Crasnianski.

ME Group International shares were trading 1.8% higher at 160.60 pence each in London on Monday afternoon.

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