Yamaha Corporation has agreed to acquire Disguise Technologies, the London-based provider of software and media servers used to design and control live event productions, the Japanese company said on 13 November 2026. The consideration is £215m, or about ¥46.1bn.
Why Yamaha Corporation is buying Disguise Technologies Limited (via Butterfly Topco Limited)
Yamaha said the deal would combine Disguise's technology for integrating audio, video, lighting and media with its own audio technology, product development and global sales network. It plans to expand Disguise's reach in Japan and elsewhere in Asia, cross-sell products and develop more integrated solutions, and to build a live-entertainment business alongside its musical instruments and audio equipment divisions.
Deal terms and financing
Yamaha is buying 100% of Butterfly Topco Limited, which indirectly holds all shares in Disguise. The £215m covers the ordinary shares and shareholder loan notes and will be finalised at closing. Yamaha also expects to pay about ¥3.2bn to repay bank borrowings and estimates advisory fees at ¥1.6bn. Carlyle's CETP IV Investment 7 vehicle holds 58.16% of Butterfly Topco and Livingbridge 5.64%.
Regulatory approvals and timing
The agreement was signed on 13 November 2026 and completion is scheduled for December 2026. Yamaha said the effect on its consolidated results was under review.
Market context
Disguise's systems are used at live events, sports facilities, theme parks and immersive venues, with products and services in more than 100 countries and a network of over 400 partners. Its net sales were £60.0m in 2025, down from £67.2m in 2024, with EBITDA of £4.6m.
