Bain Capital said it agreed to buy a 50 percent stake in Japan’s biggest TV shopping channel. The deal is valued at about $1 billion, according to a person briefed on the deal.
Bain, a Boston-based private equity firm, said it is buying Jupiter Shop Channel Co. of Tokyo from Sumitomo Corp. The shopping channel started in 1996 and broadcasts live 24 hours a day, every day, selling consumer products.
“We are pleased to enter this important partnership with Sumitomo Corporation and the company’s management team,” to accelerate growth of the company, said David Gross-Loh, a managing director at Bain.
Bain Capital opened an office in Tokyo in 2006 and has a staff of 30 there. Last year, it acquired Skylark, one of the largest restaurant operators in Japan.