Swedish investment group EQT has set its sights on acquiring Japanese elevator manufacturer Fujitec for approximately ¥400 billion ($2.7 billion), according to Nikkei. The proposed tender offer would value shares at around ¥5,000 each, representing a discount to Tuesday’s closing price of ¥6,205.
The potential buyout comes as Fujitec remains embroiled in corporate governance battles with activist investors. Hong Kong-based Oasis Management, which holds approximately 30% of the company, successfully ousted three incumbent board directors in February 2023 and installed four of its own nominees, marking a rare victory for shareholder activism in Japan.
The activist campaign culminated in the removal of founding family member Takakazu Uchiyama as chairman after allegations of financial improprieties and concerns about family control over the 75-year-old company.
For EQT, the deal aligns with its aggressive expansion strategy in Asia. The Stockholm-based firm, which manages €224 billion in assets globally and ranks as the world’s third-largest private equity firm, has earmarked up to $3 billion for Japanese investments from its $11 billion Asia fund. The acquisition would provide EQT with exposure to Japan’s elevator and escalator market while potentially resolving Fujitec’s prolonged governance struggles.
The transaction would represent one of the largest foreign buyouts of a Japanese industrial company in recent years, signaling continued appetite among international investors for corporate restructuring opportunities in Japan’s evolving market.
