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MITSUI E&S HOLDINGS CO., LTD.

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Bain Capital plans to buy Japan's Showa Aircraft for $633 million

01/23/2020 | 06:27am EST

U.S. private equity firm Bain Capital plans to buy Showa Aircraft Industry, a Japanese maker of transportation equipment from heavy industry firm Mitsui E&S Holdings for 69.4 billion yen ($633 million), it said on Thursday.

Bain Capital said in a statement it planned to launch a tender offer to buy all of the shares in Showa Aircraft at 2,129 yen per share. Shareholders would receive an additional 631 yen if they tender their shares, which makes the entire deal worth 90 billion yen, Bain said.

Showa Aircraft shares closed at 2,537 yen on Thursday.

Mitsui E&S has agreed to sell all of its shares in Showa Aircraft, which accounts for 65.53% of the company, Bain said. It aims to buy at least 66.67% of the outstanding shares.

Mitsui E&S is selling Showa Aircraft as it tries to shore up its balance sheet, which suffered from losses of about 150 billion yen incurred in 2018 and 2019 from a project to build a coal-fired generating plant in Indonesia.

Mitsui E&S has already sold its plant engineering and solar power businesses.

Bain became better known in Japan after it led an $18 billion investment in Toshiba Memory, the world's second-largest maker of NAND memory chips, now known as Kioxia, which was spun off from Toshiba Corp.

(Reporting by Junko Fujita; Editing by Jan Harvey and Barbara Lewis)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LETS HOLDINGS GROUP CO., LTD. -3.43% 7.33 End-of-day quote.0.41%
LOOK HOLDINGS INCORPORATED 0.26% 1165 Delayed Quote.-4.68%
MITSUI & CO., LTD. -0.73% 2870 Delayed Quote.6.15%
MITSUI E&S HOLDINGS CO., LTD. -2.17% 406 Delayed Quote.8.92%
TOSHIBA CORPORATION -0.75% 4926 Delayed Quote.4.93%
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Financials
Sales 2022 664 B 5 787 M 5 787 M
Net income 2022 3 250 M 28,3 M 28,3 M
Net Debt 2022 - - -
P/E ratio 2022 10,3x
Yield 2022 -
Capitalization 33 555 M 293 M 293 M
Capi. / Sales 2022 0,05x
Capi. / Sales 2023 0,06x
Nbr of Employees 12 703
Free-Float -
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 415,00 JPY
Average target price 580,00 JPY
Spread / Average Target 39,8%
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Managers and Directors
Ryoichi Oka President, CEO & Representative Director
Keigo Matsubara CFO, Representative Director, VP & Head-Accounting
Taketsune Matsumura Director & Chief Information Security Officer
Toshikazu Tanaka Independent Outside Director
Yoshio Haga Independent Outside Director