Sweden's EQT launches $3.76 billion tender offer to take Japan's Kakaku.com private
EQT's Tender Offer Details and Market Impact
Overview of the Tender Offer
May 12 (Reuters) - Swedish investment firm EQT said on Tuesday it would launch a tender offer to take Japanese classifieds and marketplace platform Kakaku.com private, valuing the company at 593.51 billion yen ($3.76 billion).
The offer values Kakaku.com at 3,000 yen per share, EQT said in a statement, representing a 2.6% premium to Tuesday's closing price.
Kakaku.com's Business Portfolio
Key Platforms Operated by Kakaku.com
The platform operates a portfolio of digital platforms in Japan, including price comparison site Kakaku.com, restaurant review and reservation platform Tabelog and job search service Kyujin Box.
EQT's Expansion in Japan
Previous Take-Private Deals
The deal is EQT's latest Japan take-private, following Fujitec, CareNet and Mamezo, as the Swedish PE firm expands its footprint in the country's tech sector. The firm ranks among the world's largest investors in IT services.
Shareholder and Board Response
Major Shareholder Agreements
Digital Garage and KDDI, which hold 38.1% of Kakaku.com, have agreed to sell their shares. Digital Garage will reinvest for about a 20% stake in the tender offeror group.
Board and Committee Recommendation
The Japanese company's board and a special committee unanimously backed the offer and recommended shareholders tender their shares, EQT said.
Regulatory and Transaction Details
Approvals and Currency Exchange
The transaction remains subject to customary regulatory approvals.
($1 = 157.6400 yen)
Reporting Credits
(Reporting by Roshan Thomas in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)
