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Goldman sells Japanese contractor for $636m

  • Susannah Birkwood
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Goldman Sachs has sold Japanese contractor Fujita Corp to local home builder Daiwa House Industry for JPY50 billion ($636 million), representing an exit from one of its longest investments in the country.

Between 2005 and 2008, the US bank invested around JPY45 billion in the company via a Goldman-managed private equity fund, over two stages. It acquired 55% of the then debt-ridden company in 2005 and had taken full control within three years,

The divestment is thought to be one of the largest by a bank in Asia Pacific this year.

Despite being one of the most prolific investors in Japan in the middle of the last decade, lately Goldman has been concentrating on offloading its assets in the country rather than injecting fresh capital.

Last year, Goldman sold its remaining 44.7% stake in Accordia Golf, touted as Japan's largest golf course operator, on the public market. A Goldman Sachs unit sold 470,587 shares in Accordia worth about JPY37 billion.

Goldman's remaining significant holdings in Japan are mobile phone operator eAccess and USJ Co. USJ operates Universal Studios Japan, which Goldman acquired for $1.68 billion in 2009 alongside investors including Universal Studio's chairman Glenn Gumpel, MBK Partners and Owl Creek Asset Management.

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