CVC Capital used Ireland as a bridge between Japan and Luxembourg

Joy in Japan, dividends in Dublin: How a finance giant used Dublin to make a fortune from a Tokyo telecom IPO

The private equity giant CVC Capital made hundreds of millions of euro floating a Japanese telecoms firm in 2018. Mapping a money trail spanning six countries, today we reveal how a shelf company in Dublin was central to the entire deal.

14th Sep, 2020 - 6 min read

The IPO went off without a hitch. The Japanese markets were highly volatile in the last quarter of 2018, and global stock market listings were down 20 per cent for the quarter. Yet, Arteria Networks Corporation managed to float smoothly on the Tokyo Stock Exchange, raising $220 million in an IPO that valued the telecoms and internet provider at $550 million.

The round was oversubscribed, with “long-only” investors accounting for the majority of the demand, and retail backers also signing up. Within days, the share price was up 3 per cent. For CVC Capital, the global private equity giant with $79.6 billion of assets under management, it was a...

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