A tender offer by JG44, a company owned by a Japan Growth Investments Alliance fund, for HYUGA PRIMARY CARE has succeeded at ¥2,110 a share, the home-visit pharmacy operator said on 11 November 2026, valuing it at about ¥15.7bn (US$98m) on a fully diluted basis.
Deal terms and financing
The offer ran from 28 September to 10 November 2026. Holders tendered 3,864,488 shares on an as-converted basis, above the minimum of 1,518,400, and JG44 will buy all of them. JG44 is wholly owned by JGIA No.3 Investment Limited Partnership, which will also become a parent of HYUGA PRIMARY CARE.
Regulatory approvals and timing
Settlement begins on 17 November 2026, when JG44 becomes the parent company and largest shareholder. The company plans a squeeze-out, after which its shares will be delisted.
Market context
HYUGA PRIMARY CARE, founded in 2007 in Fukuoka Prefecture, runs the Kirari chain of home-visit pharmacies and a franchise programme for other pharmacies. It listed on the Tokyo Stock Exchange in December 2021.
