EQT to take Fujitec private in $2.7bn deal

October 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

October 2025 Issue

In what would be the largest sponsor-led take-private transaction in Japan this year if completed, private equity (PE) firm EQT has launched a $2.7bn tender offer to acquire Japanese elevator and escalator manufacturer Fujitec.

Under the terms of the offer, Sweden-based EQT will acquire 85 percent of Fujitec, with the founding family retaining a 15 percent minority stake. The deal, executed through BPEA Private Equity Fund IX – EQT’s latest Asia-focused buyout fund – represents EQT’s largest acquisition in Japan since the establishment of its Tokyo office in 2006 and the largest PE-led take-private deal of 2025.

The fund will purchase Fujitec shares at 5700 yen each, amounting to a total of 407.8bn yen. Hong Kong-based investment firm Oasis Management Company, which holds approximately 30 percent of Fujitec, and US asset manager Farallon Capital Management, which owns over 6 percent, have both agreed to tender their shares.

The tender offer is expected to commence in late January 2026, subject to customary regulatory approvals and shareholder consent.

The transaction underscores EQT’s growing focus on Japan, where it has completed four deals in the past two months, including its $1.1bn exit from Pioneer Corporation to Taiwan’s CarUX. Fujitec is viewed by EQT as a strategic platform for global growth, with plans to enhance its competitiveness through active ownership and industrial expertise.

“Japan is home to some of the world’s most sophisticated manufacturing capabilities, and we see tremendous long-term potential in the market,” said Takanobu Hara, a partner at EQT. “With four transactions in the past two months – ranging from new partnerships to strategic exits – EQT’s recent momentum reflects both our growing presence and deep conviction in Japan.”

EQT has confirmed that BPEA Private Equity Fund IX is currently between 5 and 10 percent invested, including closed and signed deals, announced public offers, and less any expected syndication, based on the fund’s target size. The fund recently secured $11.4bn in commitments and is targeting a final close of $14.5bn by the end of 2025.

Founded in 1948 and headquartered in Shiga, Japan, Fujitec is known for its innovative solutions in elevators, escalators and moving walks. As the only independent, full-scope original equipment manufacturer in Japan’s elevator and escalator sector, Fujitec has built a strong brand presence across 24 global markets.

EQT intends to support Fujitec’s next phase of growth by collaborating closely with its management team to improve operational efficiency, accelerate digital transformation and expand in key regions, particularly Japan, India, North America and Southeast Asia.

To facilitate this, EQT will deploy its industrial adviser network and active ownership model to reinforce Fujitec’s global position as a high-quality platform with robust engineering capabilities, dependable service operations and a longstanding reputation for safety and quality.

Legal counsel for EQT on the transaction includes Morrison Foerster, Mori Hamada & Matsumoto and White & Case. Fujitec has appointed Oh-Ebashi LPC & Partners to advise on board decision-making processes and other procedural matters. A special committee of three independent outside directors has also been formed to ensure transparency and address potential conflicts of interest.

“We are proud to partner with Fujitec and its team to build on its legacy of innovation and quality,” concluded Mr Hara. “Together, we aim to help future-proof the business by enhancing competitiveness, driving digital transformation and accelerating global expansion – leveraging EQT’s sector expertise, strong track record of supporting industrial technology companies and long history of working alongside management teams to drive sustainable growth.”

Fraser Tennant