ENEOS Holdings, Inc. (TSE:5020) and The Goldman Sachs Group, Inc. (NYSE:GS) made an offer to acquire remaining 43% stake in Nippo Corporation (TSE:1881) from a group of shareholders for approximately ¥200 billion on September 7, 2021. Offerors will pay ¥4000 per share. The Transaction will be financed through non-recourse finance backed by security including NIPPO shares. As a part of transaction, Nippo Corporation shall have eight directors, four each of whom may be appointed by ENEOS and remaining by Goldman Sachs. As a part of transaction, Offerors intends to make Nippo private. ENEOS and Goldman Sachs intend to relist NIPPO once its corporate value has been successfully improved through the Transaction. Transaction is subject to approval required under the antitrust laws of Europe, the People's Republic of China, the Republic of Korea, and Ukraine in relation to the Tender Offer and other conditions. On November 11, 2021, ENEOS Holdings, Inc. and The Goldman Sachs Group, Inc. had received approval from overseas anti-trust regulators. Tender Offeror aims to commence around mid-October to mid-November 2021. As of November 11, 2021, offer period will commence from November 12, 2021 to December 24, 2021. Davis Polk & Wardwell LLP acted as legal advisor to both ENEOS Holdings, Inc. and The Goldman Sachs Group, Inc. Juan Rodriguez of Sullivan & Cromwell acted as legal advisor to ENEOS and The Goldman Sachs.

ENEOS Holdings, Inc. (TSE:5020) and The Goldman Sachs Group, Inc. (NYSE:GS) completed the acquisition of 43% stake in Nippo Corporation (TSE:1881) from a group of shareholders on December 24, 2021.