📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Blackstone makes $1.7 billion bid for Japan e-comics platform Infocom

Published 06/17/2024, 10:47 PM
Updated 06/18/2024, 10:56 AM
© Reuters. FILE PHOTO: Signage is seen at the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo

TOKYO (Reuters) -Blackstone launched a 275.8 billion yen ($1.74 billion) bid to take Japanese digital comic distributor Infocom private, including a tender offer for a per-share price of 6,060 yen, Infocom said on Tuesday.

The tender offer will amount to 141.4 billion yen, Infocom said. The company's current parent Teijin separately said it will sell all of its 58% stake in Infocom for 134.4 billion yen in a share buyback after the buyout is completed.

Infocom operates digital comic site Mecha Comic, which is among Japan's largest, according to its website.

Global investor interest in Japanese companies has surged in recent years as the weak yen, strong public markets and corporate governance changes make mergers and acquisitions (M&A) attractive.

M&A in Japan reached a record $35.5 billion in 2023, LSEG data shows. The Infocom deal marks the largest private equity transaction in Japan this year, Blackstone (NYSE:BX) said in a statement.

Infocom's share price has more than doubled since news of the potential buyout was first reported last month, closing at 6,030 yen on Tuesday from below 3,000 yen in early May.

© Reuters. FILE PHOTO: Signage is seen at the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo

Teijin, a conglomerate with chemical, healthcare and internet businesses, said it will book a 105 billion yen profit on a consolidated basis from the sale of Infocom in the current financial year ending in March 2025.

($1 = 158.0800 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.