SANKYO Acquires Pachinko Maker A-gon, Adding a New Group Brand

SANKYO, the Tokyo Stock Exchange Prime-listed pachinko and pachislot maker, has acquired all of the shares in A-gon, a gaming machine developer based in Sano, Tochigi Prefecture. SANKYO bought the shares on 30 September 2026 and announced the deal in a timely disclosure to the Tokyo Stock Exchange on 21 October 2026.

The announcement came on the day the Japan Gaming Machine Manufacturers Association, known as Nikkoso, confirmed A-gon as a SANKYO group company. With that confirmation in place, SANKYO will develop A-gon as a new brand inside the group.

Of A-gon now owned by SANKYO

100%

A-gon revenue, year to September 2025

¥172m

Revenue growth on the prior year

5x

Why SANKYO bought A-gon

SANKYO has built its business on the company motto of “creativity and ingenuity”, releasing a long line of hit pachinko machines and growing as a leading company in the industry. It has used the planning and development strength from pachinko to build a pachislot business, and has raised its brand standing in that market in recent years.

SANKYO says it will use the group’s management resources to fully support A-gon’s operations. The plan is to deepen cooperation between group companies, including A-gon, widen the product line-up across both pachinko and pachislot, and turn a fuller range of products into higher unit sales over the medium to long term.

A-gon: a Tochigi machine maker founded in 1999

A-gon was founded on 9 June 1999 and is led by representative director Ryota Kaneko. It plans, manufactures and sells gaming machines, and also plans, manufactures and sells gaming equipment and parts. It has share capital of ¥30 million.

The two companies already knew each other well: A-gon has an existing trading relationship with SANKYO in gaming machine parts. There was no shareholding or personnel link between them before the deal.

A-gon is at an early, investment-heavy stage. Revenue rose from ¥16 million in the year to September 2023 to ¥32 million a year later and ¥172 million in the year to September 2025, while the company ran ordinary losses of ¥151 million, ¥134 million and ¥159 million over the same three years. Total assets stood at ¥539 million at September 2025. Inside SANKYO, it gains the backing of one of the largest names in the industry.

1. 28 September 2026SANKYO’s board approves the purchase and the share purchase agreement is signed.
2. 30 September 2026SANKYO acquires 600 A-gon shares, taking its stake from zero to 100%.
3. 21 October 2026Nikkoso confirms A-gon as a SANKYO group company and SANKYO announces the deal to the TSE.

SANKYO priced the deal on the basis of a third-party due diligence review and expects the effect on its consolidated results to be minor. Its investor relations site carries the group’s wider disclosures.

What it shows about pachinko and land-based gaming M&A

Pachinko machine making in Japan is a concentrated business run through an industry association, and new brands are slow to build. Buying a small developer with its own products, a parts relationship and an industry presence gives a large maker a second brand quickly, with more machines to put into halls across both pachinko and pachislot.

It is the same supplier logic that runs through recent deals on the desk, from The PA buying Racing and Sports for its betting data to GiG buying 888AFRICA to put an operator on its platform, and LCKY Group’s RoyalCasino deal. Strategic buyers are paying for product and capability they would otherwise take years to build. If you own a gaming machine, content or technology business, see the buy-side searches we are running or start a confidential conversation.