EQT said on 12 May that its BPEA Private Equity Fund IX would launch a tender offer to take Tokyo-listed Kakaku.com private at ¥3,000 a share, valuing the company at about ¥593.5bn ($3.76bn), according to Reuters.
Why EQT (BPEA Private Equity Fund IX) is buying Kakaku.com, Inc.
EQT said Kakaku.com's services are deeply embedded in everyday life in Japan and that it would work with management to strengthen the platforms and the company's technology so it can adapt in an increasingly AI-driven environment.
Deal terms and financing
The original price was a 2.6% premium to the previous close, according to Reuters. Digital Garage and KDDI, which together held 38.1% of the shares, agreed to dispose of their stakes through a share buyback by Kakaku.com after the tender offer. Digital Garage, as EQT's consortium partner, is expected to reinvest and hold about 20% of the bidding group.
Regulatory approvals and timing
Kakaku.com's board and special committee initially backed the offer unanimously. After LY Corp and Bain Capital submitted a competing proposal, the board withdrew its recommendation in July and adopted a neutral stance. EQT has raised its price repeatedly and extended the offer period; on 14 October it lifted the price to ¥3,682 and extended the period to 28 October.
Market context
Kakaku.com was founded in 1997 and runs Japan's largest price-comparison site, the Tabelog restaurant guide and the Kyujin Box job-search platform.
