Blackstone has announced a $3.5bn tender offer to take Japan-based engineering staffing firm TechnoPro private, marking its latest push into the Japanese market and outbidding rival Bain Capital in the process, according to a report by Reuters.

The world’s largest alternative asset manager is offering ¥507.4bn ($3.5bn), or ¥4,870 per share, representing a 17.4% premium to TechnoPro’s three-month average share price. The tender offer is set to commence on 7 August.

This move highlights the intensifying competition among global private equity firms for Japanese deals, driven by governance reforms and persistently low valuations. Japan has seen record M&A activity in 2025, with foreign buyers accounting for a growing share of take-private transactions.

Blackstone was reportedly in the final round of bidding for TechnoPro alongside Bain Capital, according to three sources with knowledge of the matter. The deal marks Blackstone’s seventh acquisition in Japan and its third private equity transaction this year.

The firm is aiming to expand aggressively in Japan, one source said. Earlier this year, KKR acquired Fuji Soft after a bidding war with Bain, while EQT recently launched a $2.7bn tender offer for lift manufacturer Fujitec.

TechnoPro shares closed down 2% at ¥4,876 on Tuesday, just ahead of the official announcement. The Nikkei had previously reported the deal late on Tuesday, citing a bid below ¥4,900.

Neither Blackstone nor Bain Capital has issued further comments beyond the official announcement.

At an exchange rate of ¥147.46 per $1, the proposed offer places a valuation of roughly $3.5bn on TechnoPro.

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