ITOCHU said on 19 February 2026 that it had agreed to acquire Japan Industrial Partners' interest in HCJI Holdings, the vehicle that owns 26% of Hitachi Construction Machinery, raising its total holding in the Tokyo-listed maker of excavators and mining equipment to 33.4%.
Why ITOCHU Corporation is buying Hitachi Construction Machinery (13% stake)
ITOCHU said the larger stake would let it support Hitachi Construction Machinery's shift from a hardware maker to a solutions provider under the LANDCROS brand, which the company is due to adopt in April 2027. The two groups plan to work more closely on sales, rental and finance in North America, on M&A, and on zero-emission machinery and lifecycle services, and ITOCHU will send more staff to the company's headquarters and overseas bases.
Deal terms and financing
HCJI will buy back all of its own shares held by JIP's special purpose company, HCJ Holdings, leaving ITOCHU's subsidiary Citrus Investment as its sole owner. HCJI is financed by ITOCHU Treasury Corporation through Citrus. ITOCHU did not give a price in February, saying only that it had been set using market price and discounted cash flow methods; its completion notice put the price at ¥134.08bn. ITOCHU said it had no plans to buy further shares.
Regulatory approvals and timing
Regulatory clearances were expected between February and April 2026. ITOCHU announced on 15 April 2026 that the transaction had been completed after the required approvals were obtained.
Market context
HCJI Holdings, set up in December 2021 and owned equally by ITOCHU's Citrus Investment and JIP's vehicle, has held 26% of Hitachi Construction Machinery since the capital alliance formed in 2022. Analysts at Skillings Mining Review noted that the 33.4% holding gives ITOCHU a blocking minority under Japanese company law.
