Kirkland & Ellis advised KKR and its portfolio company, The Crosby Group, a global leader in lifting and rigging, on The Crosby Group’s definitive agreement to combine with KITO CORPORATION, a leading material handling manufacturer with 90 years of experience in the development and production of hoists and cranes. The business combination will be effected through a cash tender offer by The Crosby Group to acquire all of the outstanding shares of KITO CORPORATION for JPY 2,725 per share, which represents a premium of 64.3% compared to KITO CORPORATION’s undisturbed closing price on May 13, and a 61.0% premium to KITO CORPORATION’s three-month simple average closing price. The tender offer is expected to be completed in the second half of this year, subject to customary closing conditions including regulatory clearances from relevant authorities. Until close, The Crosby Group and KITO CORPORATION will continue to operate as separate, independent companies.
The Kirkland team was led by corporate partners Jennifer Perkins, Andrew Arons and Tobias Schad, debt finance partners Eric Wedel and Matthew Leist, and also included corporate associate Sola Paterson-Marke and debt finance associate Peter Bang.