Consolidation among semiconductor trading companies is entering full swing. Kaga Electronics announced a tender offer for Kyoei Sangyo, while Shinko Shoji is moving toward delisting through an acquisition, and Hagiwara Electric and Satori Electric are establishing MIRAINI Holdings through an equal-footing integration. These developments accelerated during 2025 and 2026.
From 2025 onward, consolidation among semiconductor trading companies accelerated further, with Kaga Electronics announcing a tender offer for Kyoei Sangyo. This was followed in 2026 by Kaga Electronics announcing a tender offer for Shinko Shoji, ultimately completing the process leading to Shinko Shoji’s delisting. In 2026, MIRAINI Holdings was also listed as a joint holding company established through an equal-footing integration of Hagiwara Electric Holdings and Satori Electric. These developments illustrate the importance of scale and changes in commercial rights amid industry consolidation.
The premium on the tender offer for Shinko Shoji was only a few percent. Taking into account the share price immediately before the announcement, shareholders had 3 options: selling in the market, tendering their shares, or continuing to hold them. Following a reduction in the minimum tender condition and an extension of the tender offer period, Kaga Electronics acquired the shares and made Shinko Shoji a consolidated subsidiary. Shinko Shoji was delisted on 29 October 2026.
MIRAINI Holdings was listed on 1 April 2026, and negative goodwill was recognized as an extraordinary gain arising from the integration of Hagiwara Electric and Satori Electric. Its post-integration growth targets were revised upward, and the company indicated a long-term target of sales of ¥542 billion to ¥600 billion. These developments show that industry consolidation is accompanied by changes in capital structures and fluctuations in market valuations.