Carlyle Japan Partners IV, L.P., Carlyle Japan International Partners IV, L.P., CJP IV Co-Investment, L.P., CJIP IV Co-Investment, L.P. and Carlyle Japan International Partners IV - Eu, S.C.Sp. managed by The Carlyle Group Inc. (NasdaqGS:CG) agreed to acquire 80% stake in Kokusai Kogyo Co., Ltd. and 70% stake in JAG Energy Co., Ltd. from Japan Asia Group Limited (TSE:3751) on November 5, 2020. Under the terms of the transaction, the buyers will acquire 30.5 million shares in Kakusai Kyogo and 2,100 shares in JAG. Upon completion, Japan Asia Group will retain 20% stake in Kakusai Kyogo and 30% stake in JAG. As of January 26, 2021, no. of shares acquired are revised, the buyer will purchase 37.2 million and 2850 shares in Kokusai Kogyo and JAG Energy respectively. Deal terms are revised as the transfer price for the transfer of the shares to be transferred is all of the company's shares (the price is equivalent to CNY 32.9 billion in gold based on the Tender Offer Price) and cash (CNY 15.05 billion in gold).

Kakusai Kyogo reported net assets of ¥19.5 billion, total assets of ¥49.4 billion, sales of ¥38.5 billion, operating profit of ¥451 million and net profit of ¥276 million in the year ending March 2020. JAG Energy reported net assets of ¥10.5 billion, total assets of ¥16.2 billion, sales of ¥6.9 billion, operating profit of ¥1.1 billion and net profit of ¥4.4 billion in the year ending March 2020. The transaction is subject to the completion of the Squeeze-out Procedure and the Reinvestment. The transaction was resolved at the Board of Directors meeting of Japan Asia Group held on November 5, 2020. Plutus Consulting Co., Ltd. acted as financial advisor while Anderson Mori & Tomotsune LPC acted as legal advisor to Japan Asia Group in the transaction.

Carlyle Japan Partners IV, L.P., Carlyle Japan International Partners IV, L.P., CJP IV Co-Investment, L.P., CJIP IV Co-Investment, L.P. and Carlyle Japan International Partners IV - Eu, S.C.Sp. managed by The Carlyle Group Inc. (NasdaqGS:CG) cancelled the acquisition of 97.5% stake in Kokusai Kogyo Co., Ltd. and 95% stake in JAG Energy Co., Ltd. from Japan Asia Group Limited (TSE:3751) on February 9, 2021. The transaction was terminated due to failure of the tender offer.