Mizuho Capital to exit Vantec in $655m deal
Hitachi Transport System Co., Ltd., a listed logistics unit of Japanese electronics maker Hitachi Group, will launch a TOB to acquire a 100% stake in Vantec Group Holding co., Ltd.
Currently the international distribution group is 39.3 % owned by Mizuho Capital Partners, the private equity unit of Mizuho Group. The private equity firm took a 25.3% and a 14% stake in the distributor in 2003 through its two funds for undisclosed sums. Four years later, the company went public.
The TOB will begin tomorrow and end on April 9, offering JPY233,500 ($2,817) per share, a 92.93% premium over the 3-month average share price. Should Hitachi Transport System successfully take over 100% of the company, the deal would be worth JPY54.3 billion ($655.4 million), one of the largest transactions in Japan since the GFC.
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