KKR Completes Tender Offer for Hitachi Transport System
Global investment firm KKR announced today that its tender offer for the common shares of Hitachi Transport System Ltd. (“HTS” or the “Company”; TSE stock code 9086) concluded on November 29, 2022. The cash tender offer was through HTSK Co., Ltd. (the “Offeror”), a special purpose entity owned by the investment funds managed by KKR
TOKYO--(BUSINESS WIRE)--Nov 30, 2022--
Global investment firm KKR announced today that its tender offer for the common shares of Hitachi Transport System Ltd. (“HTS” or the “Company”; TSE stock code 9086) concluded on November 29, 2022. The cash tender offer was through HTSK Co., Ltd. (the “Offeror”), a special purpose entity owned by the investment funds managed by KKR. Approximately 51.11% of the common shares have been tendered and will be acquired by the Offeror. Settlement of the tender offer will commence on December 6, 2022.
In addition to the shares acquired during the tender offer, the Offeror will acquire the remaining shares of HTS through a squeeze-out process which, combined with a buyback by HTS of the shares held by Hitachi Ltd., will result in the Offeror owning 100% of the shares of HTS.
HTS is a leader in the third-party logistics business (“3PL”) in Japan. The Company provides supply chain solutions for customers who outsource logistics functions such as logistics system integration, inventory and order control, logistics center operations, factory logistics, and transportation and delivery services. HTS has a strong domestic 3PL business as well as an international business which includes forwarding business and related 3PL business.
