Topcon to Go Private via Management Buyout Backed by KKR and JIC Capital

Topcon Corporation has announced a management buyout (MBO) led by CEO Takashi Eto, with backing from global investment firm KKR and Japan’s government-affiliated JIC Capital. The buyout involves a tender offer at JPY 3,300 per share—offering a premium of over 99% on the company’s average stock price over the past year.

This move aims to accelerate Topcon's transformation into a global solutions company, particularly in eye care and positioning systems. By going private, Topcon plans to make bold, long-term investments free from short-term market pressures. KKR will hold a majority stake, while JICC will support the company’s strategic sectors and national security-related technologies.

The tender offer is expected to begin around the end of July 2025, pending regulatory approvals. The current management team will remain in place to lead the company’s evolution toward “Topcon 2.0,” ahead of its centennial in 2032.