Bain Capital will take Hokuriku Electric Industry private through a tender offer at ¥4,180 a share, its vehicle BCJ-116 said on 10 November 2026, valuing the offer at about ¥32.8bn.
Why BCJ-116 (Bain Capital) is buying Hokuriku Electric Industry Co., Ltd.
Bain said it plans to support the Toyama-based components maker's value-creation measures after delisting, drawing on its record with other Japanese manufacturers. Hokuriku Electric makes resistors, sensors, circuit modules and other electronic components.
Deal terms and financing
The offer seeks all shares with no upper limit; it succeeds if at least 66.67% is tendered, after which Bain intends to squeeze out remaining holders. Ferrotec, Hokkoku Bank, Maeda Corporation and Toyama Bank have signed tender agreements, and the bidder plans to borrow up to ¥21bn from Hokuriku Bank to fund settlement.
Regulatory approvals and timing
The tender offer runs from 11 November to 23 December 2026, with settlement due on 30 December. Hokuriku Electric's shares will be delisted from the Tokyo Stock Exchange if the offer and squeeze-out complete.
Market context
Hokuriku Electric's largest shareholder, the semiconductor materials group Ferrotec, is among the holders that have agreed to sell into the offer.
