Hillhouse Investment Management said on 22 October 2026 that its vehicle HHH1 would launch a ¥2,020-a-share tender offer for Circlace, a Tokyo-listed consultancy that implements Salesforce, ServiceNow and other cloud platforms, and take the company private.
Why HHH1 GK (funds managed by Hillhouse Investment Management) is buying Circlace Inc.
Hillhouse said that as AI reshapes IT services, competitiveness will depend less on headcount than on the ability to implement core enterprise platforms such as Salesforce, ServiceNow and Databricks in a standardised way, and that its long-term capital would let management keep investing in people and capabilities to meet the business plan drawn up in May 2026. That plan targets ¥10bn of sales and a 20% operating margin in the year to March 2030.
Deal terms and financing
The offer runs from 23 October to 7 December 2026 with a minimum acceptance threshold of 66.67% and no maximum. The price is a 128.25% premium to the ¥885 close on 21 October and a 118.14% premium to the one-month average. Hillhouse plans to squeeze out remaining holders after the offer.
Regulatory approvals and timing
Circlace has been designated a security under supervision by the Tokyo Stock Exchange and is expected to be delisted once the squeeze-out is complete.
Market context
Circlace's board, advised by a special committee, recommended shareholders tender. The company said it had approached several companies and investment funds, including Hillhouse, about a possible tie-up between January and April 2026. The shares jumped to their daily limit on 23 October.
