EQT has agreed to acquire Fujitec, Japan’s largest independent elevator and escalator manufacturer, in a $2.7bn take-private deal – marking its largest-ever buyout in Japan and the biggest PE-led take-private transaction in Asia so far this year, according to a report by Reuters.
The Stockholm-listed firm will launch a tender offer at JPY5,700 per share, representing a significant premium with the transaction set to be executed through BPEA Private Equity Fund IX, EQT’s latest Asia-focused buyout vehicle. Following completion, EQT will hold an 85% stake, while Fujitec’s founding family will retain a 15% minority position.
Founded in 1948 and headquartered in Shiga, Fujitec is Japan’s only full-scope, independent elevator OEM, with operations across 24 global markets. EQT said it sees significant opportunity to support the company’s expansion across Japan, India, North America and Southeast Asia, while accelerating digital transformation and operational efficiency.
Despite the acquisition premium, shares in Fujitec dropped 9.5% in early Tokyo trading to JPY5,616 — a move attributed to short-term technical factors rather than deal fundamentals.
The transaction comes amid a record $232bn in M&A activity involving Japanese companies in H1 2025, driven by corporate governance reforms and a growing trend toward privatising listed subsidiaries. Japan’s evolving regulatory landscape has increasingly attracted global private equity interest, and many international firms — including EQT — are actively expanding local teams.
EQT, which established a Tokyo office in 2006, recently secured $11.4bn in commitments for BPEA Fund IX and expects to hit its $14.5bn hard cap by 2026, positioning it as one of the largest Asia-focused buyout funds in the market.
