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Kao Acquires Kanebo Cosmetics

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By: Jamie Matusow

Editor-in-Chief

Kao Corp. has reached an agreement to purchase the shares of Kanebo Cosmetics and Kanebo Ltd. Kao placed the bid jointly with Advantage Partners, MKS Partners and Unison Capital. Under the share purchase agreement, Kao will acquire the shares of Kanebo Cosmetics while Trinity Investment, a company formed by the Three Funds to arrange their joint investment, will acquire the shares of Kanebo.

With the stock acquisition, Kanebo Cosmetics will become a subsidiary of Kao. In addition, Kao has reached an agreement with the Three Funds regarding adjustments to the relationship between Kanebo Cosmetics and Kanebo in connection with the stock acquisition.

Through the acquisition of Kanebo Cosmetics’ stock, Kao stated it intends to align Kanebo Cosmetics with its own cosmetics business. Kao will work with Kanebo Cosmetics’ various functions, while making effective use of the brand and market strengths of Kanebo Cosmetics as well as the Kao Sofina.

The deal is expected to close Jan. 31, 2006. More information: www.kao.com.

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