KKR, a global investment firm, stated that FK Co, an entity owned by KKR-managed investment funds, has intent to submit a tender offer to acquire all outstanding shares of FUJI SOFT.
Japan’s FUJI SOFT is a system integrator that specialises in embedded, control, and operational systems.
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The company uses modern equipment developed through years of experience with a team of over 10,000 system engineers to service clients across multiple industries.
As to the five-year “Mid-Term Business Plan 2028” of the Company, FUJI SOFT aims to establish itself as a prominent supplier of systems, software, and services in the domains of information technology and operational technology.
The company’s five-year plan also details its approach to bolster group synergies, seize fresh growth prospects, and increase the profitability of its current operations.
The recommended tender offer price of JPY8,800 ($60.24) per share was decided after negotiations between KKR and FUJI SOFT. The purchase will be mostly financed by KKR’s Asian Fund IV.
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By GlobalDataThe suggested tender offer price reflects:
- A 110.3% premium over the simple average closing price of FUJI SOFT’s stock for the 12 months up to 2 October 2023, and
- A 97.8% premium over the simple average closing price of FUJI SOFT’s stock for the 6 months up to 2 October 2023.
With regulatory permits pending, the offeror plans to launch the tender offer in the second half of 2024.
Hiro Hirano, deputy executive chairman of KKR Asia Pacific and CEO of KKR Japan, stated: “As Japan’s IT services industry enters a transformative period of digitalisation marked by the expanded use of cloud, IoT, and generative AI, we are pleased to have the opportunity to invest in a market leader in FUJI SOFT. We look forward to leveraging KKR’s global platform and industry expertise in the IT services sector to accelerate FUJI SOFT’s long-term growth and to unlock greater value for Japanese businesses and their customers.”
KKR has invested over $8bn in Japan since 2006, managing $18bn in assets under management.
The company’s investments include Yayoi, DataX, Netstars, and SmartHR.
Other notable investments include Hitachi Transport System, Seiyu, KOKUSAI Electric, PHC Holdings, Koki Holdings, and Marelli, all of which contribute to Japan’s significant market presence in the Asia Pacific region and globally.
