Relo Group will acquire a 90.0% voting stake in Singapore-based ATIV Medical for an estimated ¥1.68 billion, including fees. The deal is scheduled to close Oct. 30, 2026, linking expatriate support with Southeast Asian healthcare.
Key facts
Relo Group will acquire 90.0% of ATIV Medical’s voting rights and make it a consolidated subsidiary. It currently holds no shares and will own 242,910,000 shares after the acquisition. Total consideration is estimated at ¥1.68 billion, comprising ¥1.62 billion for the shares and ¥60 million in advisory and other fees.
The central aim of the acquisition is to connect overseas assignment support with medical services. Relo Group plans to build a service pathway covering customers from before departure through their life overseas, generating referrals to ATIV Medical.
Relo Group plans to strengthen support for expatriates by combining its overseas assignment support business with ATIV Medical’s healthcare services. ATIV Medical is described as a corporate group providing healthcare services across Southeast Asian countries to Japanese expatriates, travelers and others.
Relo Group aims to improve service quality for people posted overseas by combining the strengths of both companies, while pursuing its goal of building a “global-scale comprehensive lifestyle support services industry.” The focus will be on whether the companies can create consistent support beyond standalone services by linking Relo Group’s customer relationships with local healthcare.
Founded in April 2022 and headquartered in Singapore, ATIV Medical provides management consulting services to medical institutions, according to the disclosure. Revenue, operating profit and net income all rose in the fiscal year ended March 2026 from the previous year.
| Metric (SGD) | Fiscal year ended March 2025 | Fiscal year ended March 2026 |
|---|---|---|
| Revenue | 8,003,355 | 10,965,919 |
| Operating profit | 993,413 | 1,458,813 |
| Net income | 904,775 | 1,154,139 |
Revenue increased from SGD 8,003,355 to SGD 10,965,919, while operating profit rose from SGD 993,413 to SGD 1,458,813. Investors will watch how much referrals from Relo Group’s overseas assignment support business contribute to ATIV Medical’s growth and profitability.
Relo Group is still assessing the acquisition’s impact on its consolidated results. The company expects the deal to help improve performance and said it will promptly disclose any matters that require an announcement.
So far, Relo Group has outlined the strategic rationale for connecting overseas assignment support with healthcare, along with ATIV Medical’s recent results. It has not provided a specific estimate of the acquisition’s contribution to earnings or quantified the benefits of the business links. Attention will turn first to the planned share transfer and then to progress in referrals and service integration.
Analyst take
The strategic rationale is to connect Relo Group’s relationships with people moving overseas to ATIV Medical’s local healthcare services. ATIV Medical has grown revenue and profit in recent fiscal years, and referrals from Relo Group’s existing business could offer a growth opportunity. The impact on consolidated results is still under review. Whether referrals translate into earnings, and how the partnership develops after the transfer, will be key measures of success.
