KKR Completes Tender Offer for FUJI SOFT
KKR has successfully completed its tender offer for FUJI SOFT, becoming the largest shareholder with a 57.92% ownership stake. The second stage of the tender offer concluded on February 19, 2025, with settlement scheduled for February 27, 2025. KKR plans to acquire the remaining shares through a squeeze-out process, aiming for 100% ownership, with an Extraordinary General Meeting planned for late April 2025.
FUJI SOFT, a leading Japanese system integration company with over 10,000 system engineers, achieved record-high performance in FY2024 with revenue of 317.5 billion yen and operating income of 22 billion yen (6.5% margin). The tender offer process was extended by four months due to a competing proposal from Bain Capital. The acquisition will be primarily financed through KKR Asian Fund IV.
KKR ha completato con successo la sua offerta pubblica di acquisto per FUJI SOFT, diventando il maggiore azionista con una partecipazione del 57,92%. La seconda fase dell'offerta è terminata il 19 febbraio 2025, con liquidazione prevista per il 27 febbraio 2025. KKR prevede di acquisire le azioni rimanenti attraverso un processo di squeeze-out, puntando a una proprietà totale del 100%, con un'Assemblea Generale Straordinaria programmata per la fine di aprile 2025.
FUJI SOFT, una delle principali aziende giapponesi di integrazione dei sistemi con oltre 10.000 ingegneri di sistema, ha raggiunto prestazioni record nell'anno fiscale 2024 con un fatturato di 317,5 miliardi di yen e un utile operativo di 22 miliardi di yen (margine del 6,5%). Il processo di offerta è stato esteso di quattro mesi a causa di una proposta concorrente da Bain Capital. L'acquisizione sarà principalmente finanziata attraverso il KKR Asian Fund IV.
KKR ha completado con éxito su oferta pública de adquisición para FUJI SOFT, convirtiéndose en el mayor accionista con una participación del 57,92%. La segunda fase de la oferta concluyó el 19 de febrero de 2025, con el pago programado para el 27 de febrero de 2025. KKR planea adquirir las acciones restantes a través de un proceso de squeeze-out, con el objetivo de alcanzar el 100% de propiedad, y se programó una Junta General Extraordinaria para finales de abril de 2025.
FUJI SOFT, una empresa líder japonesa en integración de sistemas con más de 10,000 ingenieros de sistemas, logró un rendimiento récord en el ejercicio fiscal 2024 con ingresos de 317.5 mil millones de yenes y un ingreso operativo de 22 mil millones de yenes (margen del 6.5%). El proceso de oferta se extendió por cuatro meses debido a una propuesta competidora de Bain Capital. La adquisición se financiará principalmente a través del KKR Asian Fund IV.
KKR는 FUJI SOFT에 대한 공개 매수를 성공적으로 완료하여 57.92%의 지분으로 최대 주주가 되었습니다. 공개 매수의 두 번째 단계는 2025년 2월 19일에 종료되었으며, 결제는 2025년 2월 27일로 예정되어 있습니다. KKR은 남은 주식을 스퀴즈 아웃 과정을 통해 인수할 계획이며, 100% 소유를 목표로 하고 있으며, 2025년 4월 말에 Extraordinary General Meeting이 예정되어 있습니다.
FUJI SOFT는 10,000명 이상의 시스템 엔지니어를 보유한 일본의 선도적인 시스템 통합 회사로, 2024 회계연도에 3,175억 엔의 수익과 220억 엔의 운영 이익(6.5% 마진)으로 기록적인 성과를 달성했습니다. 공개 매수 과정은 Bain Capital의 경쟁 제안으로 인해 4개월 연장되었습니다. 인수는 주로 KKR 아시아 펀드 IV를 통해 자금을 조달할 예정입니다.
KKR a réussi à finaliser son offre publique d'achat pour FUJI SOFT, devenant ainsi le principal actionnaire avec une participation de 57,92 %. La deuxième phase de l'offre s'est terminée le 19 février 2025, avec un règlement prévu pour le 27 février 2025. KKR prévoit d'acquérir les actions restantes par un processus de squeeze-out, visant une propriété totale de 100 %, avec une Assemblée Générale Extraordinaire prévue pour fin avril 2025.
FUJI SOFT, une entreprise japonaise leader dans l'intégration de systèmes, comptant plus de 10 000 ingénieurs systèmes, a réalisé des performances record au cours de l'exercice 2024 avec un chiffre d'affaires de 317,5 milliards de yens et un résultat d'exploitation de 22 milliards de yens (marge de 6,5 %). Le processus d'offre a été prolongé de quatre mois en raison d'une proposition concurrente de Bain Capital. L'acquisition sera principalement financée par le KKR Asian Fund IV.
KKR hat sein öffentliches Übernahmeangebot für FUJI SOFT erfolgreich abgeschlossen und ist damit der größte Aktionär mit einem Anteil von 57,92%. Die zweite Phase des Übernahmeangebots endete am 19. Februar 2025, mit einer Abwicklung, die für den 27. Februar 2025 geplant ist. KKR plant, die verbleibenden Aktien durch einen Squeeze-out-Prozess zu erwerben, mit dem Ziel, 100% Eigentum zu erreichen, und eine außerordentliche Hauptversammlung ist für Ende April 2025 geplant.
FUJI SOFT, ein führendes japanisches Systemintegrationsunternehmen mit über 10.000 Systemingenieuren, erzielte im Geschäftsjahr 2024 eine Rekordleistung mit einem Umsatz von 317,5 Milliarden Yen und einem Betriebsergebnis von 22 Milliarden Yen (6,5% Marge). Der Prozess des Übernahmeangebots wurde aufgrund eines konkurrierenden Vorschlags von Bain Capital um vier Monate verlängert. Die Übernahme wird hauptsächlich über den KKR Asian Fund IV finanziert.
- Successful acquisition of majority stake (57.92%) in FUJI SOFT
- FUJI SOFT reported record revenue of 317.5B yen and operating income of 22B yen in FY2024
- Strong operating margin of 6.5%
- Clear path to full ownership through planned squeeze-out process
- Four-month delay in tender offer completion due to competing bid from Bain Capital
Insights
KKR's successful acquisition of a 57.92% stake in FUJI SOFT marks a pivotal transaction in Japan's IT services sector, with several strategic implications for the market. FUJI SOFT's impressive financial performance, generating
The competitive tension created by Bain Capital's counter-bid validates FUJI SOFT's strategic value and suggests potential untapped value in the Japanese IT services market. FUJI SOFT's specialized focus on control systems, embedded software, and business systems, supported by a workforce of over 10,000 system engineers, positions it uniquely at the intersection of IT and operational technology (OT) - a important advantage as industrial digitalization accelerates.
KKR's investment thesis likely centers on three key value creation levers:
- Accelerating FUJI SOFT's transformation through private ownership, enabling faster decision-making and more aggressive growth initiatives
- Leveraging KKR's global network to expand FUJI SOFT's capabilities in emerging technologies like AI and cloud computing
- Optimizing operational efficiency and pursuing strategic acquisitions to consolidate market position
The planned privatization through a squeeze-out process, scheduled for April 2025, will provide KKR with full control to implement its value creation strategy. This transaction represents a significant vote of confidence in Japan's technology sector and could catalyze further private equity investment in Japanese IT services companies.
Becomes largest shareholder with
Upon settlement of the Second Tender Offer, including the shares acquired by the Offeror in the First Tender Offer, the Offeror will hold a total of 35,753,281 common shares and share options (758,400 shares on an as-converted basis) of FUJI SOFT (Total Ownership Ratio:
In addition to the shares acquired through the Tender Offer, the Offeror aims to acquire the remaining shares of FUJI SOFT through a squeeze-out process, which will result in the Offeror owning
FUJI SOFT is a leading Japanese system integration company specializing in control systems and embedded software, business software, and systems. With over 10,000 system engineers, strong technical capabilities and a long track record, FUJI SOFT provides IT services to clients across a wide range of industries. In its “Mid-term Business Plan 2028” announced in February 2024, FUJI SOFT set a vision of “becoming the leading company providing systems/software & services in the IT x OT field.” In the fiscal year ending December 2024, the first year of the plan, FUJI SOFT achieved a record high revenue and operating income of
Following the Offeror’s announcement of a Tender Offer with the support from the Board of Directors of FUJI SOFT on August 8, 2024, an unprecedented situation arose in which the Offeror’s Tender Offer was followed by Bain Capital’s announcement of a proposed tender offer. As a result, the Offeror’s Tender Offer was completed more than four months later than initially anticipated. The Offeror is grateful for the patience and consistent support it received from FUJI SOFT’s executive team and Board of Directors during this period, and now looks forward to focusing on the business growth of and value creation for FUJI SOFT.
Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are very pleased with the outcome of the tender offer and are thankful for the trust and endorsement shown by FUJI SOFT through this process. We are fully committed and look forward to supporting FUJI SOFT’s plan to enhance its corporate value, under a new and simpler ownership by KKR following the privatization, by leveraging our global network and expertise and to help FUJI SOFT achieve its next stage of transformation. As one of Japan’s leading system integrators, FUJI SOFT plays an important role in enabling Japanese businesses to deliver better solutions and experiences for their customers in this new age of digitalization, cloud computing and AI.”
The Tender Offer will be financed predominantly from KKR Asian Fund IV.
This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219106284/en/
For more information, please contact:
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com
Source: KKR
FAQ
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