Category: FDI

Horizon Nuclear Power acquired by Hitachi for £696 million
Hitachi to build 6 GigaWatt of nuclear power in UK

by Gerhard Fasol

E.ON and RWE to withdraw, Chinese consortium lost bid

In tune with Germany’s “Energiewende”, E.ON and RWE npower decided to sell Horizon Nuclear Power.

On October 29, 2012 Hitachi Ltd (株式会社日立製作所) announced the agreement to acquire Horizon Nuclear Power for £696 million (approx. US$ 1 billion), and the purchase was completed on November 26, 2012.

One of the bidders was a joint venture between China Guangdong Nuclear Power Group and China National Nuclear Corporation, however dropped out of the competition.

Engineering, Procurement and Construction (EPC) will reportedly be undertaken by a joint venture of Hitachi Ltd (株式会社日立製作所), Babcock, Rolls-Royce, and SNC-Lavalin Group.

UK is planning to invest £110 billion to replace existing nuclear power stations with modern designs.

Horizon Nuclear Power

Horizon Nuclear Power was founded in 2009 as a joint venture between E.ON and RWE npower with the plan to build a nuclear power station with 6 GigaWatt capacity on a site close to the Oldbury and Wylfa nuclear power stations.

Wylfa nuclear power station is located near Wylfa Newydd (Isle of Anglesey) and can be found here on Google-Maps.

Oldbury nuclear power station is located about 23 miles from Bristol (UK), Oldbury (South Gloucestershire, on the banks of the Severn Estuary), and can be found here on Google-Maps.

Horizon Nuclear Power plans:
- Wylfa Newydd (Isle of Anglesey): two Advanced Boiling Water Reactors (WBWRs) planned delivering 2.7 GigaWatt
- Oldbury (South Gloucestershire): 2.7 GigaWatt planned
Hitachi Ltd (株式会社日立製作所)

Hitachi Ltd (株式会社日立製作所) aims to grow its nuclear business to YEN 360 billion/year (approx US$ 3 billion) by 2021.

Japan electronics industries – mono zukuri.

Japan electronics industries: mono zukuri

Copyright (c) 2012-2015 Eurotechnology Japan KK All Rights Reserved
October 29, 2012
Aquafadas SAS acquired by Rakuten via e-reader company Kobo
Kobo acquires French digital publishing tool company Aquafadas

Rakuten acquired e-reader manufacturer Kobo

Rakuten acquired 100% of e-reader manufacturer Kobo for US$ 315 million in cash in January 2012.

Kobo announced the acquisition of French digital publishing company Aquafadas on October 10, 2012.

Aquafadas

http://www.aquafadas.com was founded in Montpeller in 2004 by Matthieu Kopp (CTO) and Claudia Zimmer (CEO). Today headquarters are located in the Montpellier International Business Incubator’s (MIBI).

“Aquafadas” is the combination of “Aqua”, the name for Apple OSX’ graphical user interface and “fada”, which is the goddess of inspiration (Muse) in Occitan (the original language used in the Provence).

Tools include:
- InDesign Authoring: publishing customer mobile apps for iOS and Android using Adobe InDesign
- Cloud Authoring: conversion of print to interactive mobile apps, e-books and web applications
- CreativeFlow: creating of digital magazine apps
- ConversionFlow: importing print documents to smartphones, tablets and web
- Aquafadas Viewer
- AppFactory
- ComicComposer
- Cloud Connect
- App Marketing Tools
- SDK Packages
Desktop apps include:
- MotionComposer
- BannerZest
- PulpMotion
- KidsMotion
- SnapFlow
- iDive
- Videopier
Copyright (c) 2012-2015 Eurotechnology Japan KK All Rights Reserved
October 10, 2012
Buongiorno SpA acquired by NTT Docomo for € 209 million (US$ 260 million)
NTT Docomo acquired Italian mobile content, apps and service provider in a public tender offer

Buongiorno SpA becomes fully owned subsidiary of NTT Docomo

NTT Docomo acquired mobile content provider Buongiorno SpA in August 2012 following a public tender offer via Docomo’s German subsidiary DOCOMO Deutschland GmbH. The shares were delisted from the Italian Stock Exchange on August 22, 2012.

Buongiorno SpA

Buongiorno Chairman Mauro Del Rio in 1995 sent email messages with the subject line “Buongiorno” (= good morning) to 11 friends with daily jokes, in 1998 Mauro Del Rio’s newsletters went to 25,000 people, creating the base for the company.

As of December 31, 2006, Buongiorno SpA had consolidated investments of € 157.2 million, and consolidated revenues of € 191.8 million, and consolidated net income of € 12.6 million, and approx. 659 employees.

Buongiorno SpA has grown through a series of acquisitions:
- MyAlert in 2001
- merger with Vitaminic in July 2003
- Gsmbox in 2004
- Freever (founded by Jerome Trainel, Philippe Tissot, and Pierre Duhau-Laurent) in 2005
- Tutch NL in 2005
- Dioranews in 2005
- Inventa in 2006
- Rocket Mobile in 2007
- HotSMS
- FlyTXT
- iTouch in 2007
- eDong Asia
- Glamoo
- Dada.net in 2011
- carve out B2B business into Lumata Group
Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved
August 10, 2012
Dentsu acquires Aegis
Aegis Group plc, a UK company with French roots

by Gerhard Fasol

Dentsu’s challenge to grow global footprint while managing cultural differences

On Thursday, July 5th, 2012, Dentsu announced the acquisition of Aegis Group plc, a UK company with French roots, centered on media advertising media buying.

Dentsu’s need to globalize

Driving this acquisition was Dentsu’s need to globalize, to create the necessary global footprint to compete with Publicis, WPP, Omnicom, Interpublic, Havas on one hand, and with newcomers Google and Facebook.

Dentsu Aegis Network created to overcome cultural issues

To overcome the important cultural issues of Japan-focused Dentsu, the “Dentsu Aegis Network” was created which combines seven major global brands:
- Carat
- Dentsu
- Dentsu Media
- iProspect
- Isobar
- Posterscope
- Vizeum
Dentsu acquires expertise in local markets

This acquisition enables Dentsu to acquire companies in local markets via this new European subsidiary. For European examples, see our listing of Japanese acquisitions in Europe.

Previously, Dentsu had acquired:
- Steak Group, a UK based digital media group
- Adjug, a UK based advertising exchange
Report on Japan’s media landscape (150 pages, pdf file):

Japan media (14th edition)

Copyright 2013 Eurotechnology Japan KK All Rights Reserved
July 4, 2012
Nidec acquires Ansaldo Sistemi Industriali S.p.A
Reorganized as Nidec ASI

Nidec: “for everything that spins and moves”

Nidec acquires Ansaldo Sistemi Industriali S.p.A. from HVEASI Holding BV, affiliated with Patriarch Partners LLC. The acquisition was completed in May 2012.

Ansaldo Sistemi Industriali S.p.A (ASI) renamed: “Nidec ASI S.p.A.” and set up a Japan subsidiary Nidec ASI Japan Corporation to develop Nidec ASI’s business in Japan and South Korea.

Ansaldo Sistemi Industriali S.p.A.

Ansaldo Sistemi Industriali S.p.A. was founded in 1853 in Milano (Italy). Ansaldo Sistemi Industriali S.p.A. has about 1217 employees.

Sales in Fiscal Year 2011 were € 292 million.
Assets as of Dec 31, 2011 were € 469.1 million, fixed assets were € 56 million.

Businesses are:
- Motors, Generators and Drives Business
- generators
- Industrial Systems and Automation Business
- Services (Maintenance) Business
nidec (日本電産株式会社)

Nidec was founded on 23 July 1973 in Kyoto by Nagamori Shigenobu, and produces motors, machinery, optical parts, camera shutters and other electro-mechanical equipment.

Read our report on Japan’s electronics industry sector to learn more about NIDEC and its place in Japan’s electronics industry sector:

Japan electronics industries: mono zukuri

Copyright 2015 Eurotechnology Japan KK All Rights Reserved
April 12, 2012
Rakuten acquires UK e-commerce portal Play.com
Play.com: third European company acquired by Rakuten.com

Rakuten continues global battle with Amazon.com

On September 21, 2011, Rakuten announced acquisition of 100% of the UK e-commerce portal site Play.com for UKL 25 million (approx. US$ 40 million).

Rakuten’s acquisition of Play.com (UK) follows the acquisitions of PriceMinister (France) and Tradoria (Germany).

Play.com

Play.com sells music, books, clothes, accessories and electronics, and has 14 million registered users and 7 million listed products. Play.com is the largest UK online seller of DVDs.
Play.com has approximately 500 employees.

Play.com was founded in 1998 on Jersey (Channel Islands) by Richard Goulding, Simon Perrée and Peter de Bourcier – all 28 years old – in backrooms of the local Athlete’s Foot store, run by Play.com founders Richard Goulding, Simon Perrée, and with investment from Zuma Investments Limited (registered in Jersey, see registration information in the JFSC Companies Registry here).
- In 2004 Play.com sold 15 million shipments and sales of UKL 190m
- In 2005 Play.com sold 25 million shipments and a sales of UKL 250m
- In 2011 Play.com is estimated to achieve sales of UKL 400 million
Play.com and the Channel Island tax loophole

Under EU rules established around 1980, merchandise priced less than UKL 18 (approx. US$ 30) from Channel Island based websites could be sold to customers in the UK without paying VAT (value added tax). UK plans to close this loophole by March 2012.

Copyright (c) 2011-2015 Eurotechnology Japan KK All Rights Reserved
September 21, 2011
Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan (INCJ)
Landis+Gyr to become “independent growth platform” within the Toshiba Group for smart meters and smart grid

by Gerhard Fasol

Landis+Gyr acquired by Toshiba (60%) and Innovation Network Corporation of Japan (40%) for US$ 2.3 billion

Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan: this acquisition was finalized with a shareholder’s and share purchase agreement between Toshiba and INCJ and Landis+Gyr, announced on 25 July 2011.

Initially, on 19 May 2011, Toshiba had announced the 100% acquisition of Landis+Gyr by Toshiba alone for US$ 2.3 billion including assumption of debt. Apparently, The Innovation Network Corporation of Japan entered this partnership sometime between May and July 2011 as an additional investor.

Toshiba established a Special Purpose Vehicle (SPV):
- Toshiba invests: US$ 1.02 billion corresponding to 60% of equity
- INCJ invests: US$ 0.680 billion corresponding to 40% of equity
In addition, Toshiba assumed Landis+Gyr’s net debt of US$ 600 million, thus the total cost to Toshiba is:
- 60% equity in SPV: US$ 1.02 billion
- assumption of Landis+Gyr net debt: US$ 0.6 billion
- total acquisition cost to Toshiba: US$ 1.62 billion
The Innovation Network Corporation of Japan (INCJ) invested US$ 680 million into this SVP, acquiring 40% of the SVP’s equity.

Landis+Gyr – “manage energy better”

Landis+Gyr was founded in 1896 as Elektrotechnisches Institut Theiler & Co in Zug, Switzerland by Richard Theiler. In 1904, Richard Theiler appointed the engineer Heinrich Landis as his successor. Heinrich Landis partnered with Dr. Karl Heinrich Gyr in 1905, and the company changed its name to Landis & Gyr in 1905.

In 1998 Landis & Gyr was acquired by Siemens, and then again spun out in 2002 with the new version of the company name: Landis+Gyr.

Landis+Gyr produces smart meters, smart grid equipment and related technology and services, with the mission to “manage energy better”.

Landis+Gyr’s customers are mainly energy, gas and electricity utility companies throughout the world for their smart meter and smart grid networks.

The Innovation Network Corporation of Japan (INCJ)

The Innovation Network Corporation of Japan (INCJ) is an investment fund established on 27 July 2009 as a public-private partnership between the Japanese Government and 26 major Japanese corporations temporarily for 15 years.

Investment capability:
- Capitalization: YEN 300 billion (=approx US$ 3 billion)
  - Japanese Government: YEN 286 billion
  - 26 corporations: YEN 14 billion
- Japanese Government guarantees: YEN 1800 billion (=approx US$ 18 billion)
- Total investment capability: YEN 2100 billion (=approx US$ 21 billion)
INCJ has made a range of investments, the largest investment (YEN 200 billion = approx. US$ 2 billion) is in Japan Display.

In addition to the Japanese Government, 26 investors (total YEN 14 billion) are:
- Asahi Kasei Corporation
- Canon Inc.
- Osaka Gas Co., Ltd.
- Sharp Corporation
- The Shoko Chukin Bank, Ltd.
- Sumitomo Chemical Co., Ltd.
- Sumitomo Corporation
- Sumitomo Electric Industries, Ltd.
- Sony Corporation
- Takeda Pharmaceutical Company Limited
- Toshiba Corporation
- TOYOTA MOTOR CORPORATION
- JGC Corporation
- Development Bank of Japan Inc.
- Panasonic Corporation
- East Japan Railway Company
- Hitachi, Ltd.
- Marubeni Corporation
- Mizuho Bank, Ltd.
- Sumitomo Mitsui Banking Corporation
- Mitsubishi Chemical Holdings Corporation
- Mitsubishi Heavy Industries, Ltd.
- Mitsubishi Corporation
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- GE Japan Corporation
- JX Nippon Oil & Energy Corporation
Toshiba

Toshiba is one of Japan’s eight top electronics group, which we analyze in our report “Japan’s electronics industries: mono zukuri“

Japan electronics industries – mono zukuri.

Japan electronics industries: mono zukuri

Copyright (c) 2011 Eurotechnology Japan KK All Rights Reserved
July 29, 2011
Rakuten acquires 80% of German e-commerce platform Tradoria
Rakuten continues global expansion

Competing with Amazon.com….

On July 28, 2011, Rakuten announced the acquisition of 80% of Germany’s e-commerce site Tradoria for a “double-digit million” amount.

Tradoria has been rebranded as Rakuten.de and has become part of Rakuten Deutschland GmbH.

Tradoria

Tradoria was founded in 2007, and today has more than 4400 online stores offering approximately 8 million products.

Tradoria is based in Bamberg, and before the acquisition by Rakuten, investors included:
- Seventure Partners (about 24 %)
- DuMont Venture (about 19 %)
- European Founders Fund of the Samwer brothers (about 11 %)
Copyright (c) 2011-2015 Eurotechnology Japan KK All Rights Reserved
July 28, 2011
Value Team SpA acquired by NTT Data
NTT Data’s a bridgehead to Brazil and South America

Value Team SpA serves about 300 clients with about 3000 professionals

On April 25, 2011, NTT Data announced the acquisition of 100% of shares of Value Team SpA via the subsidiary NTT Data Europe GmbH & Co KG for about € 250 million.

Value Team SpA

Founded in 2004 as part of Value Partners to offer business oriented IT services, and grew via acquisitions in Brazil and in Italy.

In 2010, with about 3000 professionals served about 300 clients in the telecommunications, financial services and manufacturing sectors, and achieved € 308 million in revenues.

NTT Data

NTT Data, a subsidiary of Japan’s incumbent telecommunications group NTT, has been growing successfully around the globe with a series of acquisitions, including:
- itelligence AG (“We make the most of SAP solutions!”) of Germany
- BMW’s former IT Group, Cirquent
- Value Team SpA
April 25, 2011
Rakuten acquires French ecommerce portal PriceMinister.com
Rakuten continues to globalize via acquisitions

Rakuten seeks to compete globally with Amazon.com

Rakuten acquires 100% of shares of PriceMinister S.A. for €200 million (= approx. US$ 250 million). The transaction is expected to close at the end of July 2010.

PriceMinister S.A.

PriceMinister was founded in 2000 by current CEO Pierre Kosciusko-Morizet, and Pierre Krings, Justin Ziegler and Olivier Mathiot in a former Zeppelin factory, and achieved revenues of € 40 million in 2009.

PriceMinister S.A.‘s website PriceMinister.com has approximately 12 million members, is visited by approximately 11 million users/month.

PriceMinister S.A. has about 100,000 sellers and 21,000 merchants offering about 160 million products.

PriceMinister S.A. has established online businesses in:
- France: http://www.priceminister.com
- United Kingdom: now: http://www.play.com/priceminister.html
- Spain: now: http://www.rakuten.es
The PriceMinister Group has five business areas:
1. guaranteed buying and selling (marketplace)
2. automobiles (classifieds): http://www.priceminister.com/nav/Loisirs_accessoires-auto
3. travel (price comparison): http://www.voyagermoinscher.com
4. real estate (classifieds)
5. email marketing
Copyright (c) 2010-2015 Eurotechnology Japan KK All Rights Reserved
June 17, 2010
Suzuki Metal Industry Co Ltd acquires valve spring wire maker Haldex Garphyttan Wire

Suzuki Metal with Garphyttan to become global player of Nippon Steel Group’s wire rod business

Suzuki Metal Industry Co Ltd to issue news shares to be acquired by Nippon Steel Group to finance the acquisition of Garphyttan AB from Haldex Group

On December 25, 2008, Nippon Steel Group and Suzuki Metal Co Ltd announced the issue of additional share capital by Suzuki Metal, to be acquired by Nippon Steel Group. Suzuki Metal is to become a consolidated subsidiary of Nippon Steel Group, and use the investment to acquire 100% of valve spring wire maker Garphyttan from the Haldex Group.

The acquisition price is 800 million Swedish Kronor (=approx. YEN 9 billion, US$ 92 million). The acquisition is to be completed by April-June 2009.

Garphyttan Wire’s name will be changed to Suzuki Garphyttan, and will be a consolidated subsidiary of Nippon Steel Group.

In October 2012 Nippon Steel Corporation and Sumitomo Metal Industries were merged into Nippon Steel & Sumitomo Metal Corporation (NSSMC).

Garphyttan Wire

Garphyttan Wire produces advanced spring wire for combustion engines and transmission systems for cards and commercial vehicles, especially valve spring wire.

As of September 30, 2008, Garphyttan Wire had 471 employees, and sales of approx. SEK 1.1 billion (= JPY 19.3 billion, US$ 127 million)

Garphyttan Wire was founded in 1906.

Haldex Group

Haldex Group produces commercial vehicle systems, hydraulic systems, valve spring wire, traction systems and related products.

Haldex Group employs about 6154 people as of September 30, 2008.

Suzuki Metal Industry Co Ltd “The pioneer of special steel wire manufacturer in Japan”

Suzuki Metal Industry with this transaction became a consolidated subsidiary of Nippon Steel Corporation.

Suzuki Metal Industry was founded on May 1, 1938 in Kameido, Koto-ku, Tokyo. The company produces valve spring wire, piano wire, stainless steel wire, titanium wire, and other special wire products.

In FY2007, Suzuki Metal Industry achieved sales of YEN 41.4 billion (US$ 400 million) and employed about 811 people.

In October 2012 Nippon Steel Corporation and Sumitomo Metal Industries were merged into Nippon Steel & Sumitomo Metal Corporation (NSSMC).

On April 28, 2015, it was announced that Suzuki Metal Industry Co became a wholly owned subsidiary of NSSMC via a share exchange.

Copyright·©2009-2015 ·Eurotechnology Japan KK·All Rights Reserved·

December 25, 2008
TDK acquires passive electronic component maker EPCOS
Acquisition value of YEN 200 Billion (approx. US$ 1.859 billion)

by Gerhard Fasol

EPCOS becomes part of 100% owned subsidiary TDK-EPC Corporation

On July 31, 2008 TDK launched an offer to buy all outstanding shares of EPCOS, thus acquiring 100% of EPCOS.

Value of the acquisition transaction was on the order of YEN 200 Billion (approx. US$ 1.859 billion)

EPCOS

EPCOS was created in 1999 from Siemens-Matsushita Components, which was a joint venture between SIEMENS and Matsushita, created in 1989.

TDK-EPC Corporation

TDK-EPC Corporation is a 100% owned subsidiary of TDK Corporation, and was formed on October 1, 2009 following the acquisition of EPCOS by TDK.

The company combines the electronic components business of TDK with EPCOS AG and its subsidiaries.

The company has about 36,000 employees globally, and global sales are approx. EURO 1.8 Billion (in FY 2012).

Products are mainly passive electronic components, including:
- capacitors
- ceramic components
- EMC filters
- inductors
- resistors
- RF modules
- surface acoustic wave components (ASW filters)
- surge arresters
- ferrites
Japan electronics industries – mono zukuri. Preview this report:

Japan electronics industries: mono zukuri

Copyright 2008-2015 Eurotechnology Japan KK All Rights Reserved
July 31, 2008
Yamaha acquires Bösendorfer Klavierfabrik GmbH
Yamaha Corporation acquires Vienna based 170 year old piano manufacturer

Yamaha acquires Bösendorfer: Vienna piano manufacturer L. Bösendorfer Klavierfabrik GmbH founded in 1828

L. Bösendorfer Klavierfabrik GmbH was founded in 1828 in Vienna (Austria), and is one of the world’s most respected piano manufacturers. Bösendorfer was sold to a US wood manufacturing company, later by an Austrian Bank, which itself was acquired by a US investment fund, and as a consequence the Japanese company Yamaha acquired 100% of L. Bösendorfer Klavierfabrik GmbH. The acquisition was announced on 21 December 2007, and is expected to be completed early in 2008.

Yamaha acquires L. Bösendorfer Klavierfabrik GmbH

L. Bösendorfer Klavierfabrik GmbH

L. Bösendorfer Klavierfabrik GmbH was founded on 25th July 1828 in Vienna (Austria) by Ignaz Bösendorfer.

The company gained the distinction “k.k. Hof-Claviermacher” (Piano Maker by appointment to the Royal and Imperial Court of Austria) in 1839, and in 1858 was elevated to the title “Kammerlieferant des Kaisers”.

Franz List, who was known for his vigorous key play, played largely on Bösendorfer Pianos which could cope well with Franz List’s forceful style.

The company went through many difficulties caused by the wars.

1966 the company was sold to the US company Kimball International.

2002 the company was acquired by the Austrian Bank BAWAG. BAWAG itself went through a crisis and was acquired by the US fund Cerberus, leading to the sale of L. Bösendorfer Klavierfabrik GmbH to Yamaha.

Founded: 25 February 1828
Employees: 180
Net sales: approx. € 13.5 million (Fiscal Year 2006)
Total assets: approx. € 15.7 million (Fiscal Year 2006)

Yamaha Corporation (ヤマハ株式会社) TSE 7951

Yamaha Corporation (ヤマハ株式会社) (Tokyo Stock Exchange TSE 7951) was founded on 12 October 1887 by Torakusu Yamaha (山葉寅楠) as Nippon Gakki Company, Limited (日本楽器製造株式会社) (= Japan Musical Instrument Manufacturing Corporation) in Hamamatsu, Shizuoka-Prefecture, as a manufacturer of musical instruments.

Revenues: YEN 432 billion (US$ 4 billion) (FY ending March 2015)
Employees: 19,967 (March 2015)

Products include:
- musical instrument
- electronics
- motorcycles
- power sports equipment
- …
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December 21, 2007