Bain Capital and LY Corp have submitted a joint offer to acquire Tokyo-listed Kakaku.com Inc, setting up a competitive takeover process against a rival approach from EQT AB for the $3.7bn price comparison platform operator, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the US private equity firm and SoftBank-linked LY Corp, which operates Yahoo Japan, have proposed acquiring the company in full. The bid effectively escalates a bidding contest for Kakaku, as both suitors target control of one of Japan’s leading consumer comparison and review platforms.
LY Corp is understood to be pursuing strategic synergies with Kakaku’s core businesses, including its price comparison services and the restaurant review platform Tabelog, aiming to integrate traffic, search, and commerce-related services across its digital ecosystem.
Kakaku is currently evaluating competing offers and is expected to make a decision in the near term, according to sources close to the process. Both Bain and LY have confirmed their joint proposal, while EQT has previously been linked to a separate takeover approach for the company.
The deal interest reflects a broader surge in Japanese M&A activity, driven by ongoing corporate governance reforms, increased shareholder activism, and currency weakness, which has made Japanese assets more attractive to foreign buyers. Total deal volume involving Japanese companies has reached JPY39tn ($247bn) so far this year, a 70% increase on the same period in 2025, which itself marked a record year.
Kakaku has a market capitalisation of approximately JPY578bn. Its shareholder base includes Digital Garage Inc with a 20.6% stake, KDDI Corp. holding 17.7%, and activist investor Oasis Management with a 17.2% position, according to Bloomberg data.
