Eye Care Company Topcon Goes Private Via Management Buyout Deal At Huge Premium

Topcon Corporation (OTC: TOPCF) TOPCY on Friday launched a management buyout led by Topcon President and CEO Takashi Eto.

The MBO will receive investment from KKR & Co Inc KKR and JIC Capital, a wholly owned subsidiary of Japan Investment Corporation.

The tender offer price will be 3,300 yen per share (around $21.99 per share), which represents:

A 99.5% premium over the simple average closing price of Topcon’s stock for the 12 months up to December 9, 2024.
A 105.2% premium over the simple average closing price of Topcon’s stock for the 6 months up to December 9, 2024.

Also Read: KKR Mulls To Buy Japan-Based Eye Care Company Topcon

The tender offer is expected to commence around the end of July 2025.

KKR is making this investment predominantly from its Asian Fund IV, and it is planned that KKR will indirectly hold a majority interest in Topcon.

Topcon is pursuing its long-term vision leading up to its 100th anniversary in 2032. The company has been implementing its “Mid-Term Management Plan 2025,” which covers the fiscal years 2023–2025.

The company aims to evolve into “New Topcon 2.0,” a business structure that will further accelerate the Topcon Group’s competitiveness.

In particular, to transform its eye care business from a hardware-based business to a solutions business and to achieve further growth in its positioning business, where the competitive environment is rapidly changing, the company believes that bold, long-term investments and fundamental transformations beyond conventional business reforms are necessary.

Takeshi Eto, President and CEO of Topcon said, “Today’s announcement represents a crucial step in realizing “Topcon 2.0″ and in achieving our long-term vision and to drive future growth. Strategically partnering with KKR and JICC will enable us to focus on bold, agile investments and management initiatives, including structural reforms, without being constrained by potential short-term uncertainties.”

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