An EQT-led consortium has increased its tender offer price for Kakaku.com from JPY 3,000 to JPY 3,450 per share. The offer is being made through Kamgras 1 K.K., a member of the consortium formed by BPEA Private Equity Fund IX and Digital Garage.
The revised price exceeds a competing proposal of JPY 3,384 per share announced on July 1, 2026. The consortium said the increase reflects its continued confidence in Kakaku.com’s long-term prospects and is intended to strengthen the certainty of completing the transaction.
A tender offer allows an acquirer to invite shareholders to sell their shares at a specified price during a defined period. Raising the price can improve shareholder participation and make an offer more competitive when another bidder has proposed a higher valuation.
The consortium said the original JPY 3,000 offer already included a premium over Kakaku.com’s unaffected market price before speculative reports about the transaction emerged. Following further developments and consideration of the competing proposal, the buyers decided to improve the financial terms.
EQT and Digital Garage are positioning their proposal around a combination of price, transaction certainty and timing. The consortium has already received the regulatory clearances required to proceed with the transaction.
By comparison, the competing proposal is expected to begin its tender offer no earlier than September 2026. It also remains subject to conditions that include obtaining regulatory approvals.
The revised offer is intended to facilitate a timely closing and allow Kakaku.com to focus on its longer-term business strategy. The consortium plans to support the company’s platform development and broader value-creation initiatives following completion.
Kakaku.com operates digital platforms supported by established brands and data assets. EQT believes these capabilities could be combined with its international experience in digital businesses and artificial intelligence to accelerate the company’s next stage of development.
EQT has previously invested in digital marketplace and classified businesses including PropertyGuru, idealista and Casa.it. The investment firm said this experience includes supporting management teams with platform development, operational improvements and sustainable growth.
Digital Garage brings additional experience across payment services, digital marketing and startup investment. The Tokyo-listed company operates payment platforms in Japan and provides marketing services across digital and physical channels.
The proposed acquisition also reflects EQT’s continued investment activity in Japan. The firm established its Tokyo office in 2006 and has completed recent take-private transactions involving Fujitec, CareNet and Mamezo.
The offer is backed by BPEA IX, which closed in April 2026 with $15.6 billion in commitments. EQT described the vehicle as the largest private equity fund focused on the Asia-Pacific region to date.
EQT had €291 billion in total assets under management as of June 30, 2026, including €155 billion in fee-generating assets. Its investment activities span private capital, infrastructure and real estate.
The consortium will now seek to complete the amended tender offer under Japanese procedures. The outcome will depend on whether enough Kakaku.com shareholders accept the revised JPY 3,450-per-share price.
KEY QUOTES:
“Our proposal provides Kakaku.com shareholders with an attractive combination of value, certainty and timing. By combining EQT’s global digital and AI expertise with Kakaku’s strong brands and data assets, we believe Kakaku can accelerate platform development and pursue long-term value creation. We remain excited about Kakaku.com’s long-term potential and look forward to working alongside management and Digital Garage to support the Company’s next phase of growth and value creation.”
Tetsuro Onitsuka, Partner in the EQT Private Capital Asia Team
