European private equity giant EQT AB is reportedly exploring a possible acquisition of Japanese internet platform Kakaku.com Inc, underscoring continued private equity interest in Japan’s public markets, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter, as revealing that the Sweden-based buyout group is working with advisers to assess a potential offer for the Tokyo-listed company, though discussions remain at an early stage and may not lead to a formal bid. EQT reportedly declined to comment.
Kakaku.com shares surged 24% on the news, marking their strongest single-day gain since August 2024. Prior to the move, the stock had fallen around 7% year-to-date, valuing the company at roughly $2.7bn before rising to approximately $3.3bn after the rally.
Founded in 1997, Kakaku.com operates a range of online services including price comparison tools, restaurant reservations and reviews, as well as job search platforms.
The potential deal comes amid a broader surge in private equity activity in Japan, where firms have increasingly targeted listed companies. Recent examples include KKR & Co’s planned tender offer for Taiyo Holdings, valuing the chemicals company at around JPY500bn ($3.1bn), and Elliott Investment Management’s agreement to take Toyota Industries private in a JPY6.7tn transaction.
