Shearman & Sterling is advising Benesse Holdings Inc. in a proposed management buyout (MBO) by the EQT AB Group, through its BPEA Fund VIII, and members of the Fukutake family, the founding family of Benesse Holdings. Currently, Benesse is listed on the Tokyo Stock Exchange Prime Market. The transaction was announced on Nov. 10, 2023 in a press release.
The tender offer to commence the MBO is expected to start in February 2024. Based on the tender offer price of JPY 2,600 per share of common stock of Benesse, representing a premium of 45.13% on the JPY 1,791.5 closing price on the Tokyo Stock Exchange Prime Market as of November 9, 2023, the aggregate value of the tender offer is approximately JPY 208 billion (USD 1.37 billion).
Founded in 1955 as Fukutake Publishing, the Benesse group provides services for people at each life stage in areas that include education in Japan and globally, nursing care and childcare, and lifestyles. Headquartered in Sweden, EQT is a private equity firm engaged in investment activities with a purpose “to ‘future-proof’ a company (to transform it into a company with sustainable value for the future) and create a positive impact on the world.”