Warburg Pincus launched a tender offer on 12 June for J.S.B. Co., Japan's largest student housing operator, at ¥9,000 per share, in a deal Nikkei Asia valued at about US$1.2bn.
Why Warburg Pincus (Ursa 4) is buying J.S.B. Co., Ltd.
Warburg said it would work with management and the Oka family to accelerate growth, including adding student housing supply and pursuing acquisitions. J.S.B.'s board backed the offer and recommended that holders tender.
“We are honored to partner with the management team and the Oka Family on JSB's next phase of growth.”
Deal terms and financing
The bidder, Ursa 4, offered ¥9,000 per share and ¥1,735,000 per stock option, with a minimum acceptance of 14,109,500 shares. The Oka family and Hikari Tsushin group, together holding more than 58%, signed tender agreements.
Regulatory approvals and timing
The offer closed on 27 July with 19,737,531 shares tendered. Ursa 4 held 92.91% of voting rights after settlement on 3 August and moved to squeeze out remaining holders and delist the shares from the Tokyo Stock Exchange Prime Market.
Market context
J.S.B. manages about 100,000 student housing units across some 2,700 properties and has relationships with more than 1,200 universities and institutions.
