Background

  • KDDI Corporate (KDDI) is one of Japan’s biggest telecommunications operators
  • Lawson Inc (Lawson) is one of the largest convenience store franchise chains in Japan
  • KDDI was originally a minority owner (2.11% ownership), with Mitsubishi Corporation as the majority owner and parent company of Lawson (50.06%). Mitsubishi Corporation did not tender its shares in this offer

Process

  • DC Advisory acted as a financial advisor for the special committee established by Lawson
  • Lawson has executed an agreement of capital and business alliance with Mitsubishi Corporation and KDDI

Outcome

  • The tender offer was announced on 6 February 2024, and the transaction closed on 7 May 2024
  • As a result of the tender offer and the squeeze-out, the final ownership ratio will be 50% for KDDI and 50% for Mitsubishi Corporation
  • The transaction demonstrates DC Advisory’s expertise in domestic Japanese public company transactions