Warburg Pincus has made a tender offer to acquire Japanese student housing company JSB Co in a JPY190bn (€1bn) deal.
The US private equity firm is offering JPY9,000 per share and JPY1,735,000 per stock option to take the company private, a proposal JSB’s board has recommended to shareholders.
Warburg Pincus has already secured tender agreements from the company’s two largest investors, the Oka Family and Hikari Tsushin Group, who hold a combined stake of over 58%.
Following the transaction, the Oka Family is expected to remain a long-term shareholder through a planned re-investment.
Founded in 1976, JSB is the leader in Japan’s student housing sector, managing approximately 100,000 units across some 2,700 properties nationwide.
Takashi Murata, head of Japan and co-head of Asia Real Estate at Warburg Pincus, said: “We believe this partnership positions JSB to capture the significant long-term opportunities emerging from Japan’s evolving student housing market and further strengthen its position as the country’s leading integrated student living and services platform.”
Vishal Mahadevia, head of Asia private equity at Warburg Pincus, said: “JSB exemplifies the high-quality businesses we seek to back across Asia Pacific through our long-term partnership approach.”
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