EQT-Led Consortium Strengthens Kakaku.com Offer With Higher Price and Extended Period

EQT-Led Consortium Strengthens Kakaku.com Offer With Higher Price and Extended Period

(IN BRIEF) EQT has announced that Kamgras 1 K.K., part of the consortium led by BPEA Private Equity Fund IX and Digital Garage, has further amended its ongoing tender offer for Kakaku.com, Inc., raising the offer price from JPY 3,450 to JPY 3,570 per share and extending the tender offer period to 27 August 2026. The amended price exceeds the JPY 3,520 per share competing proposal announced on 29 July 2026 and represents a 68.32 percent premium to Kakaku.com’s unaffected share price of JPY 2,121, as well as premiums of 69.76 percent, 83.17 percent and 64.82 percent to the one-month, three-month and six-month simple average closing prices, respectively. EQT said the consortium has obtained all necessary regulatory clearances and that the revised offer is intended to provide shareholders with compelling value and greater execution certainty. Tetsuro Onitsuka, Partner in EQT Private Capital Asia, said EQT and Digital Garage are prepared to support Kakaku.com’s next stage of development by investing in its brands, data assets and platforms following privatization.

(PRESS RELEASE) STOCKHOLM, 14-Aug-2026 — /EuropaWire/ — EQT has announced that Kamgras 1 K.K., the offeror and a member of the consortium led by BPEA Private Equity Fund IX, also known as BPEA IX or EQT, and Digital Garage, Inc., has amended the terms of its ongoing tender offer for the common shares of Kakaku.com, Inc.

The consortium has raised the tender offer price from JPY 3,450 per share to JPY 3,570 per share.

The tender offer period has also been extended to 27 August 2026.

Kakaku.com is listed on the Tokyo Stock Exchange under securities code 2371.

The amended tender offer price exceeds the JPY 3,520 per share price included in the competing proposal announced on 29 July 2026.

EQT said the revised proposal is intended to provide Kakaku.com shareholders with compelling value and greater certainty, while allowing the company to focus on its long-term development.

The consortium has already obtained all necessary regulatory clearances required for the transaction, which EQT said further underscores transaction certainty for Kakaku.com and its shareholders.

The consortium said it believes the previous tender offer price of JPY 3,450 per share already sufficiently reflected Kakaku.com’s intrinsic value and represented a reasonable premium over the company’s unaffected market share price before the publication of speculative media reports regarding the tender offer.

Following developments in the process and further consideration, the consortium decided to increase the offer price to strengthen execution certainty and reflect its continued confidence in Kakaku.com’s long-term potential.

The amended tender offer price of JPY 3,570 per share represents a premium of 68.32 percent over Kakaku.com’s unaffected share price of JPY 2,121 before the publication of speculative media reports regarding the tender offer.

It also represents a premium of 69.76 percent over the one-month simple average closing price to that date.

The amended price represents a premium of 83.17 percent over the three-month simple average closing price and 64.82 percent over the six-month simple average closing price to that date.

Tetsuro Onitsuka, Partner in the EQT Private Capital Asia team, said the consortium has taken a decisive step by amending the tender offer price to JPY 3,570 per share.

He said EQT believes the amended price is in the best interests of Kakaku.com and its shareholders.

Onitsuka said EQT is well placed to support Kakaku.com’s next stage of development, citing its experience as an investor in digital marketplace and classified businesses, as well as its long-established presence in Japan.

He added that EQT, together with Digital Garage and Kakaku.com’s management, is ready to invest in the company’s brands, data assets and platforms to build long-term value.

EQT said it continues to have strong regard for Kakaku.com’s growth potential.

Following privatization, EQT intends to draw on its experience supporting digital marketplaces and classified platforms.

Working with Kakaku.com’s management and employees, and using EQT’s global network and regional scale, the consortium plans to strengthen the company’s platforms, deliver improved services for users and partners, and pursue further business growth and value creation.

Further details on the amendment are included in the offeror’s announcement titled “Notice Regarding Amendment to the Terms and Conditions of the Tender Offer for Share Certificates, Etc. of Kakaku.com, Inc. (Securities Code: 2371).”

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​291​‌ billion in total assets under management (€‌​​‌155​‌ billion in fee-generating assets under management) as of 30 June 2026, within three business segments – Private Capital, Infrastructure and Real Estate.

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SOURCE: EQT