Itochu set to take Dentsu Soken private in $1.3 billion deal

ITOCHU Corporation is acquiring a 50% stake in TC Skyward Aviation U.S., which owns aircraft leasing firm Aviation Capital Group, for approximately US$1.946 billion. The deal includes a joint management structure with Tokyo Century Corporation. Clifford Chance is advising ITOCHU on the transaction.

Itochu has acquired full ownership of We Sell Cellular, a U.S. used smartphone distributor, to capitalize on demand for affordable devices amid rising prices. The Japanese trading company aims to expand in the U.S. market.

Itochu is offering to take Dentsu Soken private at 2,880 yen per share. The deal is subject to regulatory approvals and would result in a delisting. The share price gap reflects merger-arbitrage spread and uncertainty around the deal's completion.

Itochu (8001.T) plans a tender offer for Dentsu Soken (4812.T) at 2,880 yen per share, totaling up to 215.2 billion yen. The offer, starting in early November 2026, aims to acquire up to 38.22% of Dentsu Soken, making it a joint venture. Dentsu Soken's shares are currently trading at 2,852 yen, while Itochu's are at 2,128.50 yen.

Itochu plans to acquire Dentsu Soken for $1.3B (215.2B yen) via a tender offer at 2,880 yen per share, taking it private. Dentsu Group, holding 62% of Dentsu Soken, will not tender its shares. The deal may end dual listing of Dentsu Group and Dentsu Soken. Dentsu Soken shares fell 2.2% on August 31.

Dentsu Soken (4812.T) will go private via a tender offer led by Itochu Corporation (8001.T), valued at ¥215.1 billion. The offer price is ¥2,880 per share, a 5.15% premium. The deal aims to resolve dual listing issues and strengthen digital business. The tender offer starts in November 2026, subject to regulatory approval.