Deal of the Year – Large Cap
(Equity commitment – USD 150m and above)

Douzone Bizon (EQT)

EQT completed a privatisation of South Korea-based enterprise resource planning platform Douzone Bizon at an enterprise valuation of USD 2.6bn in July 2026. Large-scale transactions of this type are rare in Korea due to the complexity of execution. EQT negotiated the acquisition of a 38% stake from Douzone’s chairman and other shareholders, conducted two successive public tender offers, and then initiated a squeeze-out. Mubadala Investment, Canada Pension Plan Investment Board, and La Caisse participated as co-investors, contributing to a USD 1.8bn equity cheque. EQT has already recalibrated the sales model, revised management incentives, and accelerated use of AI development tools.

Johns Lyng Group Australia (Pacific Equity Partners)

Pacific Equity Partners (PEP) completed a privatisation Johns Lyng Group Australia (JLG), a provider of insurance building and restoration services, in October 2025 at an enterprise valuation of AUD 1.3bn (USD 935m). The equity commitment, including co-investment, was AUD 890m. JLG is a market leader in servicing everyday insurance claims and large-scale responses to catastrophic weather events, but missed earnings guidance led to a share price slump. PEP is supporting investments in customer experience and cost optimisation to drive margin enhancement and scalability. It will also consider M&A opportunities in still fragmented industry. This was the sponsor’s 11th public-to-private transaction.

Starbucks China (Boyu Capital)

Boyu Capital acquired a 60% stake in Starbucks China at an enterprise valuation of USD 4bn in April 2026, overcoming competition from numerous global and regional peers. It is the largest carve-out from a multinational corporation in China to date. Starbucks retains 40% of the China operation and licenses its brand and intellectual property to the local entity. The company wanted a partner that understood Chinese consumers, could contribute to product innovation and digitalisation, and support expansion into new cities and regions. Starbucks China owns and operates 8,000 coffeehouses nationwide, and it hopes to reach 20,000 over an unspecified period.

TechnoPro (Blackstone)

Blackstone acquired Japan-based IT and engineering services provider TechnoPro via a tender offer at a market capitalisation of USD 3.5bn. It delisted in December 2025. The sponsor was attracted by TechnoPro’s positioning at the intersection of three themes: the digitization of Japan’s economy, rapid enterprise adoption of AI, and a structural shortage of engineering talent. Starting in 2024, it built a relationship with management and proposed strategy, resources and support to enhance corporate value. Post-investment initiatives include a three-year plan to embed AI across operations, the divestment of a non-core construction business, pricing optimisation, and the pursuit of M&A.

Topcon (KKR)

KKR’s take-private of Japan-based optical equipment manufacturer Topcon was a management buyout rather than a privatisation of a listed subsidiary. The company, under pressure from activist investors, opted for an MBO and shortlisted the sponsors it wished to engage. KKR teamed up with a unit of Japan Investment Corporation, as well as Topcon’s CEO, to submit a tender offer at a market capitalisation of approximately USD 2.4bn. Following a delisting in December 2025, KKR rolled out the largest broad-based employee ownership program ever deployed in Japan. It has also moved to strengthen management, drive vertical integration, and deliver cost efficiencies.