Japan Take-Private Deals Surge Toward Record Amid Activist Pressure

Japan take-private deals are on course for a record year, surpassing the USD40.3bn total in 2023, as activist investors and Tokyo Stock Exchange reforms push firms to overhaul capital management. Private equity transactions reached USD27.6bn by 20 August, nearly triple year-earlier levels, Dealogic data show. Blackstone’s USD3.5bn bid for TechnoPro and EQT’s USD2.7bn offer for Fujitec headline the wave of deals. Executives say delisting is increasingly seen as a strategic option, with firms approaching private equity proactively rather than reactively. Activist campaigns often lift share prices and accelerate board decisions. Carlyle Japan is currently reviewing more than 300 opportunities, with 30 deals potentially closing in the next 12 to 18 months, according to managing director Kazuhiro Yamada.