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KKR Completes Tender Offer for Hitachi Transport System
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
KKR announced the conclusion of its cash tender offer for Hitachi Transport System (HTS) shares, with approximately 51.11% of shares tendered. The settlement will start on December 6, 2022. KKR's special purpose entity will not only acquire these shares but also implement a squeeze-out process to own 100% of HTS. The company, a significant player in Japan's third-party logistics sector, will be renamed LOGISTEED, Ltd. on April 1, 2023. This strategic move aims to enhance HTS's market position in Asia, leveraging KKR's global expertise.
Positive
KKR acquires approximately 51.11% of HTS shares.
Plans to own 100% of HTS through a squeeze-out process.
HTS to be renamed LOGISTEED, Ltd., signaling a strategic rebranding.
KKR's investment aims to strengthen HTS's position in the 3PL market in Asia.
Negative
None.
TOKYO--(BUSINESS WIRE)--
Global investment firm KKR announced today that its tender offer for the common shares of Hitachi Transport System Ltd. (“HTS” or the “Company”; TSE stock code 9086) concluded on November 29, 2022. The cash tender offer was through HTSK Co., Ltd. (the “Offeror”), a special purpose entity owned by the investment funds managed by KKR. Approximately 51.11% of the common shares have been tendered and will be acquired by the Offeror. Settlement of the tender offer will commence on December 6, 2022.
In addition to the shares acquired during the tender offer, the Offeror will acquire the remaining shares of HTS through a squeeze-out process which, combined with a buyback by HTS of the shares held by Hitachi Ltd., will result in the Offeror owning 100% of the shares of HTS.
HTS is a leader in the third-party logistics business (“3PL”) in Japan. The Company provides supply chain solutions for customers who outsource logistics functions such as logistics system integration, inventory and order control, logistics center operations, factory logistics, and transportation and delivery services. HTS has a strong domestic 3PL business as well as an international business which includes forwarding business and related 3PL business.
This tender offer will be financed predominantly from KKR’s Asia IV Fund.
Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and Chief Executive Officer of KKR Japan, said, “We are pleased with the results of this tender offer and to begin our strategic partnership with Hitachi Transport System. We look forward to utilizing KKR’s global network and expertise to help Hitachi Transport System become the leading 3PL company in Asia. Now more than ever, 3PL is vital to the trade flows and the global economy. Our goal is to help HTS grow its business through increasing its innovative supply chain solutions for its clients and business partners around the world.”
HTS will be renamed LOGISTEED, Ltd. from April 1, 2023, a name that combines LOGISTICS with Exceed, Proceed, Succeed, and Speed, which represents the Company’s determination to be a leading global 3PL provider for its clients and business partners.
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 and on Twitter @KKR_Co.
What is the outcome of KKR's tender offer for Hitachi Transport System (KKR)?
KKR's tender offer concluded with approximately 51.11% of Hitachi Transport System (HTS) shares being tendered, leading to a planned acquisition of 100% of the shares.
When will the settlement of KKR's tender offer for HTS start?
The settlement of KKR's tender offer for Hitachi Transport System will begin on December 6, 2022.
What will Hitachi Transport System be renamed after KKR's acquisition?
Hitachi Transport System will be renamed LOGISTEED, Ltd. effective April 1, 2023.
What market is Hitachi Transport System a leader in?
Hitachi Transport System is a leader in the third-party logistics (3PL) business in Japan.
How does KKR plan to support Hitachi Transport System after the acquisition?
KKR aims to leverage its global network and expertise to help Hitachi Transport System enhance its supply chain solutions and become a leading 3PL company in Asia.
