Tokyo, May 12, 2026, 21:06 JST
- EQT is putting forward a tender offer of 3,000 yen per share for Kakaku.com, the company behind the Kakaku.com price-comparison site and Tabelog.
- The board and a special committee have thrown their support behind the bid, which puts Kakaku.com’s valuation at roughly 593.5 billion yen.
- LINE Yahoo and Bain entered the mix with their own bid, ratcheting up competition for one of Japan’s most prominent consumer internet names.
EQT, the Swedish private equity group, said Tuesday it’s moving to take Kakaku.com private with a tender offer valuing the Japanese firm—behind the Tabelog restaurant guide and Kakaku.com’s popular shopping portal—at 593.51 billion yen, or roughly $3.76 billion. The bid comes in at 3,000 yen per share.
This deal’s timing is key, dropping right into the middle of a jockeying match for Japanese internet businesses. LINE Yahoo and Bain Capital have reportedly put in a bid for Kakaku.com, Bloomberg reported via TBS, with LINE Yahoo eyeing possible synergies among Yahoo! Japan, Kakaku.com, and Tabelog.
Japanese M&A activity has been running hot, with company deals and mergers piling up. According to Bloomberg, Japan-related M&A totaled 39 trillion yen in 2026 through May 12, boosted by governance reforms and the yen’s slide.
According to EQT, both Kakaku.com’s board and its independent special committee threw their full support behind the offer, urging shareholders to tender their shares. A tender offer lets investors sell directly to the bidder.
Reuters said the offer is set for May 13 through July 2. Kakaku.com stock finished Tuesday at 2,925 yen, climbing 5.46%. That puts EQT’s offer just 2.6% above the latest close.
Digital Garage and KDDI, which together control roughly 38% of Kakaku.com, aren’t planning to tender their shares, according to Reuters. Instead, the two shareholders intend to offload their stakes via a Kakaku.com buyback once the offer wraps up. Digital Garage, for its part, is set to reinvest and will retain about 20% in the tender offeror group.
Kakaku.com operates a handful of widely used Japanese consumer platforms—price comparison on Kakaku.com itself, restaurant reviews and bookings with Tabelog, and job listings via Kyujin Box. “Trusted services” that are “deeply embedded in everyday life in Japan,” is how Tetsuro Onitsuka at EQT Private Capital Asia put it. EQT Group
Reacting to the news, the Tokyo Stock Exchange added Kakaku.com to its watchlist, flagging the risk that the buyout could result in delisting. JPX warned that if shareholders sign off on a post-offer squeeze-out, the stock might be removed from the exchange—minority investors would see their shares converted to fractions.
EQT keeps dialing up its presence in Japan. The firm described its move on Kakaku.com as part of a string of recent take-privates and other deals, pointing to work on Fujitec, CareNet, and Mamezo. All of it underscores the firm’s bigger push in a market where private equity players are finding more leeway to drive restructuring.
Risks remain. Regulatory sign-off is still needed, according to Reuters, and with LINE Yahoo and Bain circling, the outcome isn’t locked in—even after Kakaku.com’s board backed EQT’s offer.
