Midsize general contractor Ando Corp. said Monday it has agreed to forge a capital tieup with Hazama Corp., seeking to inject the troubled builder with 1 billion yen through the purchase of preferred shares.
The deal grants Ando an option to buy a stake of up to 51 percent in Hazama, paving the way for an eventual acquisition in an industry sinking under the burden of overcapacity.
The announcement came after Hazama won approval from 43 creditor banks earlier in the day for a three-year revival plan.