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.
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.
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.
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.
The Japanese company’s board and a special committee unanimously backed the offer and recommended shareholders tender their shares, EQT said.
The transaction remains subject to customary regulatory approvals.
Source: Reuters.com