KKR and Japan Investment Corp are to acquire Tokyo-listed medical device maker Topcon—358 billion Japanese yen (around $2.4 billion) deal comes amid a PE-led tide of Japanese take-privates.
Last year, there were a record 16 PE-backed take privates worth a combined $6.1 billion, fueled partly by corporate governance reforms, growing shareholder activism and a weaker yen, and the need for conglomerates to streamline their portfolios.
2023 was also a stand-out year, with the total value of PE-backed take privates reaching highs of $17.2 billion.
This momentum has continued into 2025 with $6 billion invested across four PE take-privates—not including this latest deal and KKR’s $4.1 billion take-over of Fuji Soft.
Another recent large take-private deal was the $5.2 billion purchase of Shinko Electric Industries by a consortium including JIC Capital, Mitsui Chemicals and Dai Nippon Printing.
PitchBook data shows that Japanese PE activity has been on the rise more broadly, with a record 257 deals worth $22 billion last year.
The deal for Topcon—best known for its eye care and medical devices—represents a 105.2% premium to its average share price for the six months to Dec. 9, 2024.
Topcon’s management, led by CEO Takashi Eto, is participating in the management buyout and reinvesting following the transaction.
Featured image by FG Trade/Getty Images
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