KOKUYO's approximately $185 million acquisition of control of Thien Long Group has received conditional approval from Vietnam's National Competition Commission. Once the transaction is completed, KOKUYO is expected to directly and indirectly hold up to 65.01% of Thien Long's capital.
KOKUYO's approximately $185 million acquisition of management control of Thien Long Group has been agreed, and Vietnam's National Competition Commission has approved it as a conditional economic concentration subject to requirements concerning market share and research and development investment. The transaction is expected to be completed once the conditions are met.
The parties involved include Synergy Investing Asia Pte. Ltd., Thien Long An Thinh Investment Joint Stock Company, Thien Long Group and 5 individuals. They will be required to establish internal rules ensuring compliance with competition law and conduct annual training.
KOKUYO plans to launch a tender offer to acquire up to 18.19% of Thien Long's shares. Once both transactions are completed, KOKUYO will directly and indirectly hold up to 65.01% of Thien Long's capital and become the parent company of the Vietnamese stationery business. The total transaction value is estimated at approximately ¥27.6 billion.
In 2025, Thien Long Group reported net sales of VND 4.174 trillion and profit after tax of VND 523 billion in Vietnam. For 2026, it is targeting revenue of VND 4.4 trillion and profit of VND 440 billion.