Japan Semiconductor Equipment M&A: Carve-outs from Large Groups and Capital Choices Under the Foreign Exchange Act

(USD figures are converted at USD/JPY = 150 for reference and rounded. Company fiscal years are shown as FY2026/3, meaning the fiscal year ended March 2026. Japanese fiscal years for industry statistics run from April to March.)

In the industry for semiconductor manufacturing equipment and its components and peripheral materials, sales of Japanese-made equipment exceeded ¥5tn in FY2025 on the back of investment for generative AI. On the M&A side, there have been several carve-outs of equipment and component businesses from large Japanese electronics groups since 2005, and investment funds and a government-backed fund have acted as buyers. Some integrations and acquisitions between foreign equipment makers and Japanese companies were abandoned after antitrust authorities did not approve them, and amendments to the Foreign Exchange and Foreign Trade Act (FEFTA) in 2023 and 2024 added the manufacture of semiconductor equipment and of its components and materials to the “core sectors” for prior notification of foreign investment.

This article is written for corporate development and international business development teams at foreign companies that see Japan as an acquisition market, a source of partners, or a source of acquirers for their own businesses. It reviews the market structure and industry landscape of Japanese semiconductor equipment, domestic consolidation and foreign participation, Japanese equipment makers’ acquisitions abroad, the industry-specific factors acquirers examine, and the implications for overseas acquirers.

1. Market Structure — AI Investment, Export Controls and Drivers of Consolidation

Market size

According to the July 2026 demand forecast of the Semiconductor Equipment Association of Japan (SEAJ), sales of Japanese-made semiconductor equipment (sales by Japanese companies from their domestic and overseas bases) were ¥5.20tn (~USD 34.7bn) in FY2025, up 9.0%. SEAJ forecasts ¥6.55tn in FY2026 (up 26.0%), ¥7.40tn in FY2027 and ¥7.77tn in FY2028. The Japanese market (sales of equipment installed in Japan) was ¥1.44tn in FY2025, up 15.0%, and is forecast to reach ¥2.28tn in FY2028. SEAJ cites investment in logic semiconductors for AI servers and in DRAM, including HBM, as drivers of demand (SEAJ, Semiconductor and FPD Equipment Demand Forecast, July 2026).

Globally, according to SEMI, semiconductor equipment billings were USD 135.1bn in 2025, up 15%. By region, China accounted for USD 49.3bn, Taiwan USD 31.5bn (up 90%), South Korea USD 25.8bn, North America USD 10.9bn, Japan USD 9.5bn (up 22%) and Europe USD 2.9bn (SEMI Reports Global Semiconductor Equipment Billings Reached $135 Billion in 2025).

Equipment and component types

Companies in the industry differ in customers, competitors and technology depending on where in the manufacturing process their equipment or components are used. In M&A, the processes and products in which a company is qualified shape both the set of likely acquirers and the way they assess the business.

Type	Main products	Business characteristics (as seen in company disclosures)
Front-end equipment	Deposition, etching, cleaning, coater/developer	Some companies concentrate sales in a specific tool. Cleaning equipment accounts for about 95% of SCREEN Holdings’ semiconductor equipment sales, and etching equipment for 64.9% of Samco’s sales (FY2026/7)
CMP and back-end equipment	CMP, dicing, grinding, molding	Ebara’s CMP equipment sales were ¥212.6bn (FY2025/12). TOWA’s orders in Q1 of FY2027/3 were a quarterly record of ¥21.8bn
Inspection and test	Testers, probers, mask inspection	Advantest’s revenue was ¥1,128.6bn (FY2026/3, up 44.7%), with 91.8% from Asia. Tokyo Seimitsu’s semiconductor equipment segment sales were ¥127.9bn (FY2026/3)
Wafer handling and cleanroom transport	Wafer handling, cleanroom transport systems	Some companies, such as Rorze in wafer handling, specialize in transport
Components and subsystems	Vacuum seals, quartz and ceramic parts, mass flow controllers (MFCs), RF power supplies, valves and fittings	Supplied to equipment makers as components. Ferrotec’s semiconductor equipment-related business was ¥185.1bn (FY2026/3), and Kyocera’s semiconductor components were ¥379.4bn. Daihen’s RF power supply sales were ¥45.7bn (FY2026/3), with a plan of ¥70bn
Parts cleaning and used equipment	Cleaning and refurbishment of parts, servicing and sale of used equipment	Unlisted companies handling used equipment have been acquired by operating companies (Case 6)

5 drivers of consolidation

Export controls and sales to China — Through amendments to its export control regulations under FEFTA, the Ministry of Economy, Trade and Industry (METI) added 23 items, including advanced semiconductor manufacturing equipment, to the list of controlled items, effective July 23, 2023 (METI, Outline of the amended ministerial ordinance). Further items were added in 2025 (METI, Outline of the amendments). According to company disclosures, the share of sales to China was 34.1% at Tokyo Electron (FY2026/3), 38% in SCREEN Holdings’ semiconductor equipment business (42% in the prior year) and about 31% at Disco. Whether a target’s products are subject to export controls, and its share of sales to China, bear on the outlook for its business.
Expansion of FEFTA core sectors — An amendment to the public notice in 2023 added “manufacture of semiconductor manufacturing equipment, etc.” (Ministry of Finance, Materials on the amendment of the public notice on business sectors, April 2023), and an amendment promulgated on August 16, 2024 and applied from September 15, 2024 added “manufacture of semiconductor manufacturing-related equipment (machinery, parts, goods and materials used exclusively for semiconductor manufacturing)” (Ministry of Finance, Materials on the amendment, August 2024) to the core sectors among the sectors subject to prior notification. METI’s FAQ explains “exclusively” as cases where the combined share used for manufacturing semiconductors, FPDs and MEMS is roughly 80% or more (METI, FAQ on inward direct investment). A foreign investor acquiring shares in a company in these sectors (1% or more for a listed company) must file a prior notification, and exemptions from prior notification are limited for core sectors. Component and materials companies can also fall within scope depending on the composition of their sales.
Portfolio review and carve-outs by large groups — Hitachi’s Hitachi Kokusai Electric (Case 1), NEC’s Anelva and NEC Machinery (Case 2), Tokyo Ohka Kogyo’s equipment business (Case 3), Fujitsu’s Shinko Electric Industries (Case 4) and Toshiba’s Toshiba Ceramics (Case 5) were transferred to funds or other operating companies. Hitachi cited optimizing management for each business, and Tokyo Ohka Kogyo cited concentrating on its materials business, as reasons for their transfers (Cases 1 and 3).
Full ownership of listed subsidiaries within groups — In the opposite direction, some parent companies have made listed equipment subsidiaries wholly owned. Hitachi did so with Hitachi High-Tech through a tender offer at ¥8,000 per share in 2020; Toshiba did so with NuFlare Technology through its subsidiary Toshiba Electronic Devices & Storage at ¥11,900 per share in 2019–2020, after HOYA announced a plan for a competing tender offer; and Sumitomo Electric did so with Nissin Electric at ¥1,700 per share in 2023. Horiba also made Horiba STEC a wholly owned subsidiary in 2005.
Government support and domestic capital investment — The Japanese government has set out a policy of providing more than ¥10tn in public support for AI and semiconductors by FY2030. For Rapidus, METI provided about ¥1.7tn in commissioned funding through FY2025, and in April 2026 approved ¥631.5bn of support for FY2026, bringing the cumulative total to ¥2.354tn. In June 2026, the Information-technology Promotion Agency (IPA) made an additional equity investment of ¥150bn, bringing its cumulative investment to ¥250bn. Rapidus targets mass production from FY2027 onward (METI, Results of the next-generation semiconductor project review). In Kumamoto, JASM’s fab plan was approved on February 24, 2024, with capital investment of about USD 13.9bn and a maximum subsidy of ¥732bn.

2. Industry Landscape

Major listed equipment and component makers

Company	Consolidated revenue (fiscal year)	Main products and recent moves
Tokyo Electron	¥2,443.5bn (FY2026/3)	Deposition, etching, cleaning, coater/developer. Announced a business combination with Applied Materials in 2013 and abandoned it in 2015 (Section 3). Acquired US-based FSI International (Case 8)
Advantest	¥1,128.6bn (FY2026/3)	Testers. Acquired Verigy (Case 7)
Ebara	¥958.3bn (FY2025/12)	CMP equipment and vacuum pumps. Company revenue includes pumps and other businesses
Daifuku	¥660.7bn (FY2025/12)	Cleanroom transport systems. Company revenue includes logistics systems in general
SCREEN Holdings	¥605.7bn (FY2026/3)	Cleaning equipment
Disco	¥436.9bn (FY2026/3)	Dicing and grinding
HORIBA	¥333.1bn (FY2025/12)	Advanced materials and semiconductor segment sales of ¥156.5bn. MFCs are made by its subsidiary Horiba STEC
Ferrotec Holdings	¥288.9bn (FY2026/3)	Vacuum seals, quartz, ceramics, CVD-SiC, parts cleaning
ULVAC	¥269.1bn (FY2026/6)	Vacuum equipment. Semiconductor and electronic component equipment sales of ¥88.3bn
Daihen	¥237.7bn (FY2026/3)	RF power supplies. Company revenue includes transformers, welding machines and other products
KOKUSAI ELECTRIC	¥235.1bn (FY2026/3)	Batch deposition equipment. Carved out of Hitachi Kokusai Electric and listed in 2023 (Case 1)
Lasertec	¥230.5bn (FY2026/6)	Mask inspection equipment
Tokyo Seimitsu	¥166.8bn (FY2026/3)	Probers and dicing. Company revenue includes metrology equipment
Rorze	¥128.8bn (FY2026/2)	Wafer handling
TOWA	¥64.0bn (FY2027/3 forecast)	Molding equipment
Samco	¥10.8bn (FY2026/7, non-consolidated)	Etching and CVD equipment

Companies within corporate groups

The equipment and component sector includes subsidiaries of large groups. Hitachi High-Tech, NuFlare Technology, Nissin Electric and Horiba STEC are all wholly owned by their parents (Section 1). Group subsidiaries have been both transferred to funds or other operating companies as parents review their businesses, and taken into full ownership by their parents (Cases 1 to 5, Section 1).

Owner-run unlisted companies

Around the equipment makers are unlisted companies that assemble and inspect equipment, perform precision machining, clean parts and service used equipment. Two such companies were acquired by listed operating companies (Case 6): Com Innovation (Fushimi-ku, Kyoto; assembly and inspection of cleaning equipment; 85 employees) and Daiwa Koki (Miyazaki Prefecture; industrial machinery, and assembly of semiconductor and vacuum equipment). Such companies disclose little information, and identifying candidates requires research beyond public databases.

Concentration in the Kansai region

Many equipment and component makers are based in the Kansai region. In Kyoto are SCREEN Holdings (Kamigyo-ku), HORIBA, Horiba STEC and TOWA (all Minami-ku), Samco, Kyocera and Murata Machinery (all Fushimi-ku), and Nissin Electric (Ukyo-ku). In Osaka are Daifuku (Nishiyodogawa-ku) and Daihen (Yodogawa-ku), and Fujikin, a maker of valves and fittings for gas supply, has its registered head office in Nishi-ku, Osaka. Com Innovation in Case 6 is also based in Fushimi-ku, Kyoto.

3. Domestic Consolidation — Carve-outs from Large Groups and Acquisitions by Funds and Operating Companies

Case 1: KKR and Hitachi Kokusai Electric (KOKUSAI ELECTRIC) (2017–2026) — A fund carve-out, a failed acquisition by a foreign equipment maker, and an IPO

On April 26, 2017, KKR announced a tender offer for Hitachi Kokusai Electric at ¥2,503 per share, later raised to ¥2,900 and then to ¥3,132. The parent, Hitachi, did not tender its 51.67% stake and sold it through a share repurchase by Hitachi Kokusai Electric after the take-private. Hitachi then made a ¥15bn preferred equity investment in KKR’s acquisition vehicle and kept 20% of the remaining company, which continued as Hitachi Kokusai Electric with the video and communications business. Hitachi cited creating a structure in which each business could optimize its management and pursue R&D and capital investment as the reason for the transfer. On June 1, 2018, the acquisition vehicle took over the deposition process business through an absorption-type company split and changed its name to KOKUSAI ELECTRIC.

On July 1, 2019, US-based Applied Materials agreed to acquire KOKUSAI ELECTRIC, initially for USD 2.2bn. Applied Materials said KOKUSAI ELECTRIC’s batch deposition equipment complemented its own single-wafer equipment, but after it did not obtain approval from Chinese authorities, it terminated the agreement on March 19, 2021 and paid a termination fee of USD 154m. KOKUSAI ELECTRIC listed on the Tokyo Stock Exchange on October 25, 2023. Applied Materials acquired 15% of its shares at the IPO, and its large shareholding report stated the acquisition amount as ¥84.05bn and the purpose as a long-term investment based on the business relationship. Applied Materials’ stake later fell to 10.02% in October 2025 and 4.98% in February 2026, and KKR’s stake fell from 10.37% in July 2025 to 0% in May 2026.

This case shows that (i) a large electronics group’s equipment business was carved out through a combination of a fund’s tender offer and the parent’s exit through a share repurchase, with the parent making a preferred investment in the acquisition vehicle and keeping a stake in the separated video and communications business, (ii) an acquisition by a foreign equipment maker was terminated after Chinese approval was not obtained, and (iii) the fund exited through an IPO and staged sales, with a foreign equipment maker investing as a minority shareholder.

Case 2: Canon and Anelva, NEC Machinery (2005) — An operating company acquires equipment subsidiaries of a large group

On August 25, 2005, Canon announced a basic agreement to acquire all shares of vacuum equipment maker Anelva from NEC, together with a tender offer for automation equipment maker NEC Machinery at ¥1,212 per share. For NEC Machinery, NEC and Kansai Nippon Electric had agreed to tender, and Canon’s ownership after the acquisition was expected to be 53.87%. Anelva made vacuum equipment used to manufacture electronic components such as semiconductors, FPDs and hard disks, with revenue of about ¥46.4bn for FY2005/3. Canon cited using Anelva’s high-vacuum thin film technology to bring in-house the manufacturing equipment for displays and other products, and NEC Machinery’s automation technology to automate its production.

This case shows that (i) a large electronics group transferred all shares of an unlisted equipment subsidiary and a majority of a listed equipment subsidiary to the same buyer, and (ii) the buyer cited applying the technology to its own production processes and to the in-house manufacture of equipment for displays and other products.

Case 3: Tokyo Ohka Kogyo and AIMechatec (2023) — A materials maker carves out its equipment business

Tokyo Ohka Kogyo, a maker of photoresists and other materials, transferred its semiconductor and display equipment business (excluding part of it) to a newly established wholly owned subsidiary through an absorption-type company split and then sold all shares of that subsidiary to AIMechatec, completing the transaction on March 1, 2023. The business had revenue of ¥1.27bn (FY2021/12), and the price for the shares was not disclosed. Tokyo Ohka Kogyo cited concentrating management resources on its materials business.

This case shows that (i) a company in both materials and equipment sold a small equipment business to an equipment maker through a company split and share transfer, and (ii) the seller cited concentrating on its core materials business.

Case 4: Japan Investment Corporation (JIC) and Shinko Electric Industries (2023–2025) — Acquisition by a consortium led by a government-backed fund

A consortium led by a JIC-backed fund, with Dai Nippon Printing and Mitsui Chemicals, conducted a tender offer for Shinko Electric Industries at ¥5,920 per share from February 18 to March 18, 2025, and the offer was completed. Shinko, a listed Fujitsu subsidiary, makes semiconductor packages and electrostatic chucks for semiconductor equipment. Fujitsu did not tender its 50.02% stake, and a procedure was adopted under which it would transfer the stake through a share repurchase by Shinko Electric Industries.

This case shows that (i) a listed subsidiary of a large group was acquired by a consortium of a government-backed fund and operating companies, and (ii) as in Case 1, the parent did not tender and exited through a share repurchase.

Case 5: Carlyle/Unison Capital and Toshiba Ceramics (2006–2014) — Acquisition by funds and sale to a foreign component maker

In 2006, The Carlyle Group and Unison Capital conducted a tender offer for Toshiba Ceramics, a maker of silicon wafers and of ceramic and quartz parts for semiconductor equipment, and Toshiba tendered its shares. The company changed its name to Covalent Materials, and in 2014 US ceramics maker CoorsTek acquired 95.2% of its shares. It is now named CoorsTek KK.

This case shows that (i) funds acquired a component and materials subsidiary of a large electronics group through a tender offer, and (ii) about 8 years later the funds sold the company’s shares to a foreign ceramics maker.

Case 6: Acquisitions of equipment assembly and used equipment companies (2022–2024) — Listed operating companies acquire unlisted companies

In March 2024, Shinagawa Refractories acquired all shares of Com Innovation (established 1997, 85 employees), which assembles and inspects cleaning equipment in Fushimi-ku, Kyoto. The price was not disclosed. Shinagawa Refractories cited securing personnel and know-how related to semiconductor equipment and linking with its fine ceramics and ceramic fiber businesses.

In 2023, machine tool maker Okamoto Machine Tool Works announced that it would acquire all shares of Daiwa Koki from an individual. Daiwa Koki, in Miyakonojo, Miyazaki Prefecture, mainly builds industrial machinery and production equipment, also assembles semiconductor and vacuum equipment, and has large cleanrooms; Okamoto said it would use the company as a new manufacturing base and development lab for its semiconductor-related equipment. In 2022, Ai Holdings acquired 99.3% of Nano Soltech (revenue of ¥960m for FY2021/3), which trades new and used semiconductor manufacturing and inspection equipment, and in 2023 acquired 71.2% of TST, which provides field support for semiconductor manufacturing and inspection equipment.

These cases show that (i) listed operating companies have acquired unlisted companies that assemble and inspect equipment or service used equipment, with Shinagawa Refractories citing personnel and know-how and Okamoto acquiring an assembly company with cleanrooms, (ii) the buyers include companies whose core business is not semiconductor equipment, such as refractories and machine tools, and (iii) the sellers include companies wholly owned by individuals.

Transactions in Japan involving foreign companies (Out-In and joint venture exits)

Some integrations and acquisitions involving foreign equipment makers were abandoned in antitrust review. Tokyo Electron and Applied Materials announced a business combination with a holding company in the Netherlands on September 24, 2013, but abandoned it on April 27, 2015 after failing to satisfy the US Department of Justice. Applied Materials’ acquisition of KOKUSAI ELECTRIC was also terminated after Chinese approval was not obtained (Case 1).

Completed examples include CoorsTek’s acquisition of Covalent Materials (Case 5). In addition, US ion implant equipment maker Axcelis Technologies transferred its 50% stake in SEN, its joint venture with Sumitomo Heavy Industries, to Sumitomo Heavy Industries in March 2009 (Axcelis’ proceeds were USD 122.3m).

These cases show that (i) integrations and acquisitions between foreign equipment makers and major Japanese equipment makers depend on approvals from antitrust authorities in several countries, and some have not been completed, and (ii) some transactions take the form of a foreign company transferring its stake in a Japanese joint venture to the Japanese partner. Since the 2024 FEFTA amendment, acquisitions of component and materials companies by foreign investors can also require prior notification (Section 1).

4. Japanese Equipment Makers Abroad — In-Out Transactions

For acquirers, these cases show what Japanese equipment makers buy abroad, the direction of their investments and the transaction structures they use.

Case 7: Advantest and Verigy (2011) and others — Complementing tester product ranges

In 2011, Advantest acquired Verigy, a Singapore-headquartered, NASDAQ-listed tester maker, at USD 15 per share, for a total of about USD 1.1bn. The premium was about 64% to the closing price before the proposal was announced. Advantest was strong in memory testers and Verigy in non-memory testers, and Advantest cited the complementary product ranges as the reason for the acquisition. Advantest later acquired US-based R&D Altanova (test boards) in 2021 and Taiwan’s Shin Puu (test-related components) in 2023.

This case shows that (i) a Japanese equipment maker paid a premium to acquire a foreign peer with a different product range, and (ii) it has since acquired component and board companies around testers abroad.

Case 8: Tokyo Electron and FSI International (2012) — Complementing cleaning equipment

In 2012, Tokyo Electron acquired US cleaning equipment maker FSI International at USD 6.20 per share, for a total of about USD 252.5m. The premium was 53.5% to the closing price before the announcement. Tokyo Electron cited complementing its cleaning equipment business.

This case shows that (i) a major Japanese equipment maker acquired a listed foreign equipment maker to add equipment for a specific process.

Case 9: Canon and Molecular Imprints (2014) — Acquiring a new lithography technology

In 2014, Canon acquired the semiconductor business of US-based Molecular Imprints, which had nanoimprint lithography technology. The price was not disclosed.

This case shows that (i) a Japanese equipment maker acquired a foreign company with a new manufacturing technology and brought it into its own equipment development.

5. Industry-Specific Factors Examined by Acquirers

In Japan semiconductor equipment M&A, acquirers examine industry-specific factors in addition to financials. Based on the reasons disclosed by acquirers and the course of the transactions in the cases above, these factors fall into 3 groups.

Technology and products — In which process, with which equipment or components, and for which customers the company is qualified. In Case 1, Applied Materials said KOKUSAI ELECTRIC’s batch deposition equipment complemented its single-wafer equipment; in Case 7, Advantest cited complementary memory and non-memory testers; and in Case 8, Tokyo Electron cited complementing its cleaning equipment. In Cases 2 and 9, Canon acquired thin film and nanoimprint technology.
Customers and regions — Customer regions and concentration on specific customers or countries. The share of sales to China exceeds 30% at Tokyo Electron, SCREEN Holdings and Disco (Section 1), and whether a target’s products are subject to export controls bears on the outlook for its business. For foreign buyers, antitrust review and FEFTA prior notification affect whether and when a transaction can be completed. In Case 1 and in the Tokyo Electron and Applied Materials combination in Section 3, approvals were not obtained and the transactions were not completed.
Production and personnel — Personnel for assembly and inspection, cleanrooms and precision machining equipment. In Case 6, Shinagawa Refractories cited securing personnel and know-how related to semiconductor equipment, and Okamoto acquired an assembly company with cleanrooms.

6. Implications for Overseas Acquirers

Target universe

The targets in the cases above fall into 3 groups. The first is equipment and component subsidiaries and businesses of large groups: Hitachi’s Hitachi Kokusai Electric (Case 1), NEC’s Anelva and NEC Machinery (Case 2), Tokyo Ohka Kogyo’s equipment business (Case 3), Fujitsu’s Shinko Electric Industries (Case 4) and Toshiba’s Toshiba Ceramics (Case 5) were transferred to funds or operating companies. The second is unlisted companies: an assembly and inspection company in Kyoto and an assembly company in Miyazaki were acquired by listed operating companies (Case 6). The third is listed peers abroad, which Japanese equipment makers have acquired to complement their product ranges (Cases 7 and 8).

Investment funds have acted as buyers of listed subsidiaries of large groups (Cases 1, 4 and 5), exiting through an IPO and staged sales in Case 1 and a sale to a foreign component maker in Case 5. Unlisted assembly, machining and component companies disclose little information; identifying them requires research beyond public databases, and approaching them requires direct contact with owners and parent companies, in Japanese.

Transaction structures

For listed subsidiaries of large groups, parents did not tender and sold their stakes through share repurchases by the target after the take-private (Cases 1 and 4). In Case 1, the parent made a preferred investment in the acquisition vehicle and kept 20% of the separated video and communications business. At the business level, the cases include an acquisition vehicle taking over the deposition process business through a company split (Case 1) and the sale of an equipment business through a company split and share transfer (Case 3). Other structures include the simultaneous acquisition of all shares of an unlisted subsidiary and a tender offer for a listed subsidiary (Case 2), acquisition by a consortium of a fund and operating companies (Case 4), the acquisition of all shares from an individual (Daiwa Koki in Case 6) and the acquisition of a joint venture stake from a foreign partner (SEN in Section 3).

On pricing, the tender offer price in Case 1 was raised from ¥2,503 to ¥2,900 and then to ¥3,132, and acquisitions of listed companies abroad carried premiums of about 64% (Case 7) and 53.5% (Case 8) to pre-announcement closing prices. The structure chosen depends on the intentions of the parent company or owner and on the acquirer’s integration plan. For foreign investors, the time required for FEFTA prior notification and antitrust approvals needs to be built into the transaction schedule (Sections 1 and 3).

What sellers emphasize

Hitachi cited creating a structure in which each business could optimize its management and pursue R&D and capital investment, and after the transfer kept both its preferred investment in the acquisition vehicle and 20% of the video and communications business (Case 1). Tokyo Ohka Kogyo cited concentrating on its materials business (Case 3). Fujitsu and Hitachi did not tender and exited through share repurchases (Cases 1 and 4). These facts suggest that the parents in these cases based their decisions on the relationship to their core businesses and on the investment capacity of the business after the transfer, and chose transaction structures that included options to keep part of their stakes and specific exit procedures.

7. Syntax Partners

Syntax Partners is a Japan-based M&A advisory firm that acts solely as financial advisor. In any transaction, we advise one side only, either the buyer or the seller. We advise on Japan semiconductor equipment M&A, including components and peripheral materials, in both domestic and cross-border transactions.

Buy-side advisory

For foreign companies and investment funds considering acquisitions or capital alliances in Japan, we support the full process: mapping targets based on your strategy, including subsidiaries of Japanese groups and unlisted assembly, machining and component companies with limited public information; approaching owners and parent companies directly; negotiation; and execution. We also support add-on acquisitions by investment funds and the search for carve-out opportunities from large groups. We work in Japanese and English, among other languages.

Sell-side advisory

As an advisor that maximizes the interests of sellers and owners, we support Japanese owners, parent companies and fund owners considering a sale or business succession. The buyer universe we cover includes not only Japanese equipment makers but also companies in adjacent industries, funds, and overseas equipment and component makers as strategic buyers. Our transaction support draws on our understanding of the industry, including product positions by process and customer composition, sales to China and export controls, and whether FEFTA prior notification applies.

We welcome discussions at any stage, from early-stage exploration of acquisitions or partnerships in Japan to live transactions.

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This article was prepared by Syntax Partners, Inc. based on public information, including companies’ official announcements and IR materials, and statistics from government agencies and industry associations.

Syntax Partners, Inc.