Topcon to go private in $3.2bn management buyout

Topcon Corporation (TSE:7732) has agreed to a tender offer from TK Co., Ltd., a special purpose company formed to execute a management buyout. The deal, valued at approximately $3.2 billion, aims to delist Topcon's shares from the Tokyo Stock Exchange, taking the company private. The Tender Offer Price is set at JPY 3,300 per share. KKR (Kohlberg Kravis Roberts & Co.) is backing the transaction, providing significant resources and expertise in the eye care and industrial sectors. KKR has been expanding its investment activities in the Japanese market since opening its Tokyo office in 2006. JIC Capital, Ltd. (JICC) will contribute JPY 95 billion through funds it manages, subscribing for preferred shares in the parent company.