Japanese talent agency Yoshimoto Kogyo Co Ltd plans to go private in a 52.7 billion yen ($571 million) buyout led by a consortium of about 20 firms, two sources familiar with the matter said.
The consortium funding the buyout includes Fuji Media Holdings and other TV broadcasters, as well as advertising giant Dentsu Inc and telecommunications firm Softbank Corp, the sources said.
The sources spoke on condition of anonymity because they were not authorised to speak publicly about the deal. No one at Yoshimoto Kogyo could be reached for comment.
The consortium will pay 1,350 yen for each Yoshimoto Kogyo share in a tender offer, or 4.5 percent above Thursday's close of 1,292 yen, the sources said. Yoshimoto's stock spiked in late July when media reports of the planned buyout first surfaced.
The deal will be approved at a board meeting on Friday and announced on the same day, the sources said.
Yoshimoto Kyogo is based in the western Japanese city of Osaka where it started as a comedy theatre nearly 100 years ago. It is a dominant player in Japanese show business, managing the careers of many of the country's most popular celebrities.
The consortium will include other major TV broadcasters Nippon Television Network Corp, Tokyo Broadcast System Holdings Inc, TV Asahi Corp and TV Tokyo Corp, the sources said.
Nobuyuki Idei, a former head of electronics maker Sony Corp, will serve as representative of the consortium.
For the year ended in March, Yoshimoto Kogyo had an operating profit of 4.4 billion yen on revenue of 48.9 billion yen.
(Editing by Simon Jessop)