Japan is widely known for its plethora of e-comic offerings. Now, there is a new fan on the block for these popular content offerings: alternative asset behemoth Blackstone (NYSE:BX). The company is acquiring Infocom, a leading e-comics provider in Japan, in a $1.7 billion deal.
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Blackstone’s Manga Move
The acquisition promises to be the largest private equity deal in Japan so far this year. Infocom’s Mecha Comic is a top provider of online comics. The company also offers technology solutions.
Notably, this is Blackstone’s third transaction in Japan within the span of six months. Japanese financial markets have been booming over the past year, and leading names, including Warren Buffett, are betting big on the country. Blackstone’s recent transactions in Japan include a tender offer for I’rom Group and an investment in Sony Payment Services.
The investment giant plans to help Infocom explore new growth opportunities and is launching a tender offer for the company’s shares tomorrow. Developing original content and expanding overseas could be major growth drivers for Infocom. According to Bloomberg, other names, including Sony Music Entertainment, Integral Corp., and KKR (NYSE:KKR), were also in the race to acquire Infocom. However, Blackstone clinched the deal by outbidding other suitors.
What Is the Stock Price Prediction for BX?
Blackstone’s share price has jumped by nearly 39% over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average BX price target of $130.58.
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