EQT Launches $3.76 Billion Take-Private Deal for Kakaku.com as Shares Surge

Shares of Kakaku.com Inc. (TYO:2371) jumped sharply on Wednesday after Swedish private equity giant EQT announced plans to acquire the Japanese online classifieds and restaurant platform operator through a tender offer. The news triggered strong investor optimism, sending Kakaku shares up 17% to 3,425 yen, marking the company’s highest stock price since late 2021.

EQT revealed that its tender offer values Kakaku.com at approximately 593.51 billion yen, or around $3.76 billion. The investment firm offered 3,000 yen per share in a move aimed at taking the Tokyo-listed internet company private. The transaction represents another major expansion of EQT’s investment activity in Japan, where private equity firms have increasingly targeted undervalued public companies amid ongoing corporate governance reforms.

Kakaku.com is widely known in Japan for operating several popular digital platforms, including online classifieds services and Tabelog, one of the country’s leading restaurant review and reservation websites. The company has built a strong presence in Japan’s online consumer services market, making it an attractive acquisition target for global investors seeking exposure to the country’s growing digital economy.

EQT stated that Kakaku.com’s board of directors and its special committee expressed support for the tender offer. The firm also secured agreements with major shareholders Digital Garage and KDDI, which together control about 38.1% of Kakaku’s outstanding shares. Their backing significantly strengthens the likelihood of the acquisition succeeding.

The proposed buyout follows EQT’s previous privatization deals in Japan involving companies such as Fujitec, CareNet, and Mamezo. Analysts say the growing wave of Japanese privatization deals reflects rising confidence among international investors in Japan’s efforts to improve shareholder value and corporate efficiency.