Foster Electric will offer ₩24,000 a share through its Korean subsidiary FFEK to buy the 27.67% of ESTec Corporation it does not already control or ESTec does not hold in treasury, the Tokyo-listed company said on 10 November 2026.
Why Foster Electric (via FFEK Co., Ltd.) is buying ESTec Corporation (minority shares)
ESTec has grown since 1999 on car speakers supplied to major Korean carmakers. Foster said fully integrating the two companies would remove the constraints of a dual listing, speed decision-making and capture synergies as electrification and software-defined vehicles transform the industry.
Deal terms and financing
FFEK is seeking 3,019,087 shares at ₩24,000 each, about ₩72.46bn. Foster already owns 5,390,913 shares, or 49.41%.
Regulatory approvals and timing
The tender offer is being conducted under Korea's Financial Investment Services and Capital Markets Act and runs from 11 November to 11 December 2026. Foster plans to apply for ESTec's delisting from KOSDAQ after the offer.
Market context
Japanese and Korean groups have been buying out listed subsidiaries as regulators and investors in both markets criticise parent–subsidiary listings.
