Itochu to Acquire Dentsu Total Research in ¥2.88B Deal

Itochu Corporation is launching a tender offer to acquire 100% of Dentsu Total Research, signaling a significant strategic shift as it aims to bolster its IT capabilities and expand its service offerings. The deal will see Itochu pay ¥2,880 per share, a 6.86% premium over the closing price on August 27th, 2026, and a substantial 34.96% premium over the price on July 1st, 2026, before reports of a potential privatization surfaced.

The acquisition is structured as a non-public takeover, with Dentsu Group retaining a significant stake alongside Itochu. Itochu intends to leverage the combined strengths of its IT infrastructure, cloud solutions, and global network with Dentsu Total Research's strong consulting, application development, and client relationships. This integration is expected to create a more comprehensive service offering, particularly for large enterprise clients.

The move comes as both companies navigate a rapidly evolving IT landscape, characterized by increasing demand for digital transformation, cloud services, and AI-driven solutions. Itochu believes the partnership will accelerate growth by unlocking synergies across its diverse business portfolio and enabling access to new market opportunities. The transaction is also intended to enhance Dentsu Total Research’s ability to address complex client challenges and compete effectively in the market.

Following completion, Itochu plans to support Dentsu Total Research’s mergers and acquisitions strategy, providing access to its extensive network and expertise in deal sourcing and post-acquisition integration. The goal is to accelerate inorganic growth and expand the company's footprint in key areas such as cybersecurity and IT infrastructure. The companies anticipate that the deal will result in improved profitability and enhanced shareholder value.

The acquisition is contingent upon securing regulatory approvals, including competition law clearances in Japan, China, and the EU, which have now been obtained. Itochu has secured agreement from Dentsu Group to support the transaction and will launch the tender offer starting November 2nd, 2026. The offer will remain open for 21 business days.

Ultimately, Itochu views the acquisition as a strategic investment that will position Dentsu Total Research for long-term success in a competitive market. The integration of Itochu’s resources and Dentsu’s expertise is expected to drive innovation, expand service offerings, and unlock new growth opportunities.