KKR solidified its position as the majority owner of Japan’s Fuji Soft, acquiring nearly 58% of the software developer after a two-stage tender offer. 

The deal, valued at approximately $4.1bn, marks the end of an intense takeover battle with Bain Capital, which ultimately withdrew its bid earlier this week.

KKR’s buyout of Fuji Soft is set to become Japan’s largest take-private deal this year, according to LSEG data. The private equity firm pursued an unconventional two-stage acquisition process, repeatedly raising its offer in response to Bain’s competing bids. In the final round, KKR’s offer of ¥9,850 per share secured the necessary stake to proceed with a squeeze-out of remaining investors.

Bain, which had the backing of Fuji Soft’s founder Hiroshi Nozawa, attempted a rare hostile takeover after the company’s board sided with KKR. The conflict escalated when KKR urged Fuji Soft to take legal action against Bain over its handling of confidential information during due diligence. Bain never formally launched a tender offer, maintaining that its bid was contingent on either securing board approval or KKR’s proposal failing.

The battle for Fuji Soft underscores Japan’s growing appeal for global private equity firms. Investors increasingly target companies perceived as having underutilized assets or governance structures ripe for reform. Fuji Soft, a systems integration company with valuable real estate holdings, has drawn significant interest as part of this broader trend.

As KKR prepares to complete the takeover, it has scheduled an extraordinary general meeting in late April to finalize the squeeze-out process. Meanwhile, Fuji Soft reported record-high revenue of ¥317.5bn and an operating income of ¥22bn for the fiscal year ending in December, both reflecting 6% year-on-year growth.