In Tokyo, U.S.-based private equity firm KKR and Japanese state-backed fund Japan Investment Corp (JIC) are set to acquire medical equipment manufacturer Topcon in a tender offer buyout valued at 348 billion yen ($2.31 billion), as announced by KKR on Friday.

Private equity transactions in Japan are on the rise due to corporate governance reforms and growing pressure from activist shareholders, prompting more companies to delist and divest non-core business units.

The tender offer price of 3,300 per share represents a 5.4% premium over Topcon's closing price of 3,130 yen on Friday and a 99.5% premium over the simple average closing price of Topcon's stock for the 12-month period leading up to December 9, 2024, according to KKR.

(1 US dollar equals 150.5200 yen)

(Anton Bridge reporting; David Evans editing)