BCPE Phoenix Cayman, L.P proposed to acquire 55.54% stake in JAMCO Corporation (TSE:7408) from ITOCHU Corporation (TSE:8001) and others for ¥26 billion on January 8, 2025. The transaction has been approved by the board of JAMCO Corporation and it recommend shareholders to tendered their shares.

The deal is subject to regulatory approval. As of February 21, 2025, the deal has been approved by the Foreign Exchange Act of Japan and business partners of JAMCO Corporation. As of March 13, 2025, the Offeror is working diligently to obtain the necessary permits and licenses under the Foreign Exchange and Foreign Trade Act, which is one of the conditions precedent for the Tender Offer. However, the Offeror has not yet received instructions to submit a second notification from the Ministry of Economy, Trade and Industry, which has jurisdiction over the Company's business, and has not yet obtained such permits and licenses. The Offeror aims to commence the Tender Offer in late March 2025. As of March 31, 2025, Tender Offeror aims to commence the Tender Offer by mid-April 2025. The tender offer is expected to close on May 21, 2025.

Daiwa Securities Co. Ltd. acted as financial and Mori Hamada & Matsumoto LPC acted as legal advisor to JAMCO Corporation (TSE:7408). Yuki Oi, Kohei Ishida, Akihisa Yamamoto, Keisuke Kamiya, Shogo Eguchi, Yuki Sakurada, and Nobuhiro Tanaka and Masatsugu Sakamoto of Nishimura & Asahi and Tsuyoshi Imai, Saeko Inaba, Ben Morris, Takashi Nakamura, Rupert Phillips and Katherine Fielding of Ropes & Gray Gaikokuho Kyodo Jigyo acted as legal advisor to BCPE Phoenix Cayman, L.P.

BCPE Phoenix Cayman, L.P completed the acquisition of 45.06% stake in JAMCO Corporation (TSE:7408) from ITOCHU Corporation (TSE:8001) and others for ¥21.78 billion on May 21, 2025. As the total number of Company Shares tendered in the Tender Offer 12,101,090 shares exceeded the minimum number of shares to be purchased (5,965,000 shares), the Tender Offer was completed successfully. The Company also announces that changes are expected to occur in the Company?s other affiliated companies and the largest major shareholder on May 27, 2025 (the commencement date of settlement of the Tender Offer) as a result of the Tender Offer. In addition, ITOCHU Corporation, the largest major shareholder of the Company, will cease to be an other affiliated company and the largest major shareholder of the Company as of May 27, 2025 as a result of tendering 4,393,850 of the Company Shares it holds.