Fuji Soft: KKR Secures Majority Stake, Outmaneuvers Bain
Deal News | Feb 20, 2025 | Zawya
KKR has succeeded in acquiring a 58% stake in Japan's Fuji Soft, resolving a competitive bidding war with Bain Capital to take the software developer private. The two-stage tender offer by KKR values Fuji Soft at approximately $4.1 billion, making it the largest take-private deal in Japan this year. The move concludes a saga that included Bain Capital's hostile takeover attempt and subsequent withdrawal from the bid. Fuji Soft's founder initially supported Bain, but the company's board favored KKR. Amid hostile bids and legal threats, KKR has scheduled an extraordinary general meeting to finalize the squeeze-out of other investors. The acquisition highlights Japan's growing appeal to global funds seeking to reform companies with undervalued assets.
Sectors
- Private Equity
- Software
- Real Estate
Geography
- Japan – The acquisition of Fuji Soft by KKR takes place in Japan, highlighting the country's growing significance in the global M&A market.
- United States – KKR, the private equity firm leading the acquisition, is headquartered in the United States.
Industry
- Private Equity – The article discusses a significant acquisition by a private equity firm, KKR, involving a fierce bidding war with another private equity firm, Bain Capital.
- Software – Fuji Soft, the target company, is a software developer, specifically categorized in systems integration.
- Real Estate – Fuji Soft is noted to have valuable real estate assets, making it a point of interest in the acquisition.
Financials
- 4.1 billion USD – The estimated value of KKR's tender offer for Fuji Soft.
- 9,850 JPY per share – The amount offered by KKR per share in the second stage of their tender offer.
- 317.5 billion JPY – Fuji Soft's record-high revenue for the fiscal year ended in December.
- 22 billion JPY – Fuji Soft's operating income for the fiscal year ended in December.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fuji Soft | Target Company | Company | A Japanese software developer with significant real estate assets. |
| KKR | Bidding Company | Company | A global private equity firm leading the acquisition of Fuji Soft. |
| Bain Capital | Competing Bidder | Company | A global private equity firm that engaged in a bidding war with KKR for Fuji Soft. |
| Hiroshi Nozawa | Founder of Fuji Soft | Person | The founder of Fuji Soft who initially supported Bain's bid. |