Bain Capital Private Equity, LP, Japan Industrial Partners, Inc., JIS Japan Industrial Solutions K.K. completed the acquisition of 35.5% stake in Hitachi Metals, Ltd. for approximately ¥330 billion.
The conditions include Hitachi Metals, Ltd.'s special committee and Board of Directors has expressed their opinion in support for the transaction, approvals from Competition laws of Japan, China, South Korea, Taiwan, the United States, Mexico, and Vietnam. The European Commission has received an application for the approval of the transaction, The Commission has set October 13, 2021, as a provisional deadline for a ruling on the transaction. As on October 8, 2021, transaction is approved by the European Commission. As on November 30, 2021, Hitachi Metals, Ltd. announced the support of the Tender Offer by K.K. BCJ-52. The commencement of tender offer is expected in late November 2021. As of September 16, 2022, China's antitrust regulator has approved the transaction. BofA Securities Japan Co., Ltd. acted as financial advisor to Hitachi Metals, Ltd. for the transaction. Nishimura & Asahi acted as legal advisor to Hitachi Metals, Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Bain Capital Private Equity, LP. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as a tender offer agent to the consortium.
Bain Capital Private Equity, LP, Japan Industrial Partners, Inc., JIS Japan Industrial Solutions K.K. completed the acquisition of 35.5% stake in Hitachi Metals, Ltd. (TSE:5486) for approximately ¥330 billion on October 25, 2022.