A European investment fund group said Tuesday it will acquire Kakaku.com Inc, the operator of Japan’s popular Tabelog restaurant review and online reservation website, launching a takeover bid that is expected to amount to 590 billion yen ($3.74 billion).
Kakaku.com said it supports the proposal from the Sweden-based EQT AB, under which the investment fund is offering to pay 3,000 yen per share to take it private. The company traded at 2,925 yen at the end of trading Tuesday.
Kakaku.com also operates a price comparison site of the same name, as well as a classified ads search service. It has been forced to revamp its business model as users increasingly rely on websites powered by artificial intelligence to collect information.
Among the major shareholders, internet business company Digital Garage Inc is expected to maintain some ownership, while KDDI Corp, a major telecommunications company, is relinquishing its entire stake in Kakaku.com, according to EQT.
A source close to the matter said LY Corporation, which operates the Line messaging app and the Yahoo! Japan portal, and U.S. investment fund Bain Capital were also offering to acquire Kakaku.com together.
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