EQT said it will launch a tender offer through BPEA Private Equity Fund IX to acquire Kakaku.com, one of Japan’s most established digital marketplace and consumer platform operators. The offer price is set at JPY 3,000 per share, and the company’s board of directors and Special Committee have unanimously supported the transaction, recommending that shareholders tender their shares.
Kakaku.com operates a portfolio of widely used online services in Japan, including its flagship price comparison platform, the restaurant discovery and reservation platform Tabelog, and the job search platform Kyujin Box. These services have built strong consumer engagement and long-standing relationships with both users and business partners, positioning the company as a core part of Japan’s digital infrastructure for shopping, dining, and employment decisions.
Major shareholders Digital Garage and KDDI, which together hold 38.1 percent of Kakaku.com’s shares, have entered into agreements with EQT and will dispose of their shares through a share buyback by Kakaku.com after the tender offer. Digital Garage, acting as a consortium partner to EQT, is expected to reinvest and hold roughly a 20 percent equity stake in the tender offeror group. EQT said that following completion of the transaction, it intends to work closely with management to strengthen Kakaku.com’s platforms, enhance its technology capabilities, and support long-term value creation.
The transaction marks another step in EQT’s expanding presence in Japan, following a series of recent take-private transactions and exits in the market. EQT highlighted its privatizations of Fujitec, CareNet, and Mamezo, as well as the exits of TRYT and Pioneer to strategic and sponsor buyers last year. With this deal, BPEA Fund IX is expected to be 10 to 15 percent invested, subject to customary regulatory approvals.
KEY QUOTE:
“Kakaku.com has built a portfolio of trusted services that are deeply embedded in everyday life in Japan. As a global investor bringing together European industrial heritage with deep local presence and active ownership, we look forward to partnering with management to support the Company’s continued ability to adapt and grow in an increasingly AI-driven environment. This transaction reflects EQT’s long-term commitment to Japan and builds on our growing footprint in the market, where we continue to see opportunities to support companies through periods of structural change and long-term development.”
Tetsuro Onitsuka, Partner, EQT Private Capital Asia