ORIX Corporation completed the acquisition of remaining 32.5% stake in Daikyo Incorporated from a group of sellers.
December 09, 2018
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ORIX Corporation (TSE:8591) made an offer to acquire remaining 32.5% stake in Daikyo Incorporated (TSE:8840) from a group of sellers for ¥76.9 billion on October 22, 2018. Under the terms of the transaction, ORIX Corporation offered to acquire 25.9 million shares at ¥2,970 per share. Upon completion, Daikyo Incorporated will operate as wholly owned subsidiary of ORIX Corporation. Upon completion, Daikyo Incorporated will be delisted from Tokyo Stock Exchange. The transaction was unanimously approved by the Board of Daikyo Incorporated. A special committee was formed by Daikyo Incorporated to assess the fairness of the transaction. The tender offer will start from October 29, 2018 and will end on December 10, 2018. Daiwa Securities Co., Ltd. acted as financial advisor and Mori Hamada & Matsumoto acted as legal advisor to Daikyo Incorporated. Nomura Securities Co., Ltd. acted as third party appraiser and financial advisor to ORIX Corporation in the transaction.
ORIX Corporation (TSE:8591) completed the acquisition of remaining 32.5% stake in Daikyo Incorporated (TSE:8840) from a group of sellers on December 10, 2018. ORIX Corporation acquired 21.1 million shares for ¥2,970 per share through the tender offer and will purchase the remaining shares at the same price in accordance with Article 179 of the Companies Act as part of the transaction. As of January 22, 2019, Daikyo Incorporated was delisted from JASDAQ. Mori Hamada & Matsumoto and Ken Lebrun of Davis Polk & Wardwell LLP acted as a legal advisor to ORIX Corporation. Daiwa Securities Group Inc. (TSE:8601) acted as a financial advisor to Daikyo Incorporated.
ORIX Corporation is a financial services group organized around 9 business divisions:
- life insurance (19.3% of net sales);
- corporate financial services (17.6%): leasing and rental of automobiles, IT-related and technological equipment;
- development, management and promotion of real estate assets (15.5%);
- private equity investment (15.3%);
- asset and investment fund management in Europe (8.8%);
- capital markets and investment banking in the United States (6.4%);
- finance and investment banking in Asia and Australia (5.9%);
- retail banking and consumer finance (3.4%);
- aircraft and ship leasing and financing (1.5%).
The balance of net sales (6.3%) relates to energy and environmental activities (renewable energy production, electricity distribution, sale of solar panels and electricity storage systems, recycling and waste management).
ORIX CORPORATION 
