Blackstone offers $3.5 billion for Japan's TechnoPro as deal competition heats up
A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo
TOKYO :Blackstone said on Wednesday it would launch a $3.5 billion offer to take TechnoPro Holdings private, the latest in a series of deals that have helped push M&A dealmaking to record levels in Japan this year.
The world's largest alternative asset manager is offering 507.4 billion yen, or 4,870 yen per share, for TechnoPro, a 17.4 per cent premium to its closing average for the past three months.
Global private equity firms are competing to close deals to take Japanese companies private, following management reforms to tackle low valuations.
Blackstone was up against rival private equity powerhouse Bain Capital in the final round of bidding for engineering staffing firm TechnoPro, three people with knowledge of the matter said.
Last week Swedish investment firm EQT announced a $2.7 billion tender offer for lift-maker Fujitec, while in February KKR took software developer Fuji Soft private after a protracted bidding war with Bain.
Blackstone is looking to expand aggressively in Japan, one of the people said. The sources declined to be named as they were not authorised to speak to the media.
The TechnoPro acquisition marks Blackstone's seventh in Japan and its third private equity deal in 2025, it said in a press statement.
Real estate has also been a major focus for investors. In December 2024, Blackstone acquired a central Tokyo office and hotel complex for 400 billion yen in a deal it said was the biggest property investment by a foreign investor in Japan.
Bain and KKR, meanwhile, are part of three rival groups preparing to bid for brewer Sapporo Holdings' real estate business at a sale price also expected around 400 billion yen, according to two sources familiar with the matter, Reuters reported last week.
Shares in TechnoPro closed down 2 per cent at 4,876 yen. The Nikkei business daily reported the plan late on Tuesday, saying Blackstone would offer a price below 4,900 yen.
The tender offer is expected to commence on August 7.
($1 = 147.4600 yen)
($1 = 147.7600 yen)
