Background 

  • INFRONEER Holdings Inc. (INFRONEER) is an infrastructure services company based in Japan
  • Toyo Construction Co, LTD. (Toyo) is a construction company operating in four business segments: domestic civil engineering; domestic construction; overseas construction; and real estate
  • Maeda Corporation (Maeda) is a wholly-owned subsidiary of INFRONEER, that owns shares in Toyo

Process

  • Maeda currently owns 20% of shares in Toyo, with a value of 58 billion JPY
  • INFRONEER will acquire the shares from Maeda through property dividend or organizational restructuring
  • DC Advisory (DC) acted as financial advisor and tender offer agent to INFRONEER, delivering a tailor-made process and providing full support in tender offers

Outcome

  • INFROREER announce that Toyo will become a wholly-owned subsidiary through a tender offer
  • Despite the challenging environment caused by Covid-19, DC was able to provide a successful outcome for INFRONEER