Hikari Tsushin, MBK Partners and an NEC Capital Solutions affiliate are seeking to take Japanese rental housing manager Leopalace21 private through a jointly funded special purpose company. Hikari subsidiary K891 will acquire Leopalace21 and make it a wholly owned subsidiary, while MBK Partners and NEC Capital Solutions subscribe for new K891 shares. The partners will hold 34%, 33% and 33%, respectively, after the transaction. The offer values each share at ¥1,000, a premium of roughly 45% to Leopalace21's ¥691 closing price, and involves up to ¥267.6 billion, or about $1.7 billion. The tender period runs from September 15 through October 30, 2026, with a minimum acceptance condition of 48.56% of outstanding shares. If successful, Leopalace21 is expected to hold an extraordinary shareholders' meeting as early as January 2027 to begin delisting procedures. The company manages about 540,000 rental units, roughly two-thirds under corporate contracts, supporting Hikari Tsushin's plans to cross-sell electricity and telecommunications services. The transaction expands MBK Partners' special situations strategy in Japan, following its ¥37 billion tender offer for Sharing Technology and plans to combine that business with HITOWA Holdings.