Blackstone Makes $1.7 Billion Bid for Japan E-Comics Platform Infocom
Blackstone launched a 275.8 billion yen ($1.74 billion) bid to take Japanese digital comic distributor Infocom private, including a tender offer for a per-share price of 6,060 yen, Infocom said on Tuesday. The tender offer will amount to 141.4 billion yen, Infocom confirmed.
Teijin to Sell Entire Stake
The company's current parent, Teijin, announced it will sell all of its 58% stake in Infocom for 134.4 billion yen in a share buyback after the buyout is completed. This sale will amount to a 105 billion yen profit for Teijin, booked in the current financial year ending in March 2025.
Infocom's Role in Digital Comics
Infocom operates Mecha Comic, one of Japan's largest digital comic sites. Global investor interest in Japanese companies has surged in recent years due to factors like the weak yen, strong public markets, and corporate governance changes. These elements make mergers and acquisitions (M&A) quite attractive, with M&A in Japan hitting a record $35.5 billion in 2023.
Largest Private Equity Transaction in Japan for 2023
The Infocom deal marks the largest private equity transaction in Japan this year. Infocom's share price has more than doubled since news of the potential buyout was first reported last month, closing at 6,030 yen on Tuesday, up from below 3,000 yen in early May.
Conclusion
Blackstone's bid and Teijin's stock sale represent significant moves in the Japanese market, highlighting the rising global interest in Japan's corporate landscape. With Infocom's strong presence in the digital comics sector, this transaction is set to reshape the industry dynamics.
