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WHDC's Latest Report on M&A Trends

The WHY HOW DO COMPANY, known as WHDC, headquartered in Shinjuku, Tokyo, has officially published the second volume of its Waihau M&A and Business Succession Report. This detailed report sheds light on significant changes in the landscape of mergers and acquisitions (M&A) among publicly listed companies, with a particular focus on the upcoming changes expected in 2025.

Background of Volume 2

The report presents a worrying forecast: by the end of 2025, it is anticipated that approximately 125 companies will be delisted from the Tokyo Stock Exchange—an alarming decline in the total number of listed firms. In contrast, the new initial public offerings (IPOs) are projected to number only 66, indicating a net loss of 49 publicly traded companies over the course of the year.

The report provides an extensive analysis of the data collected from JPX statistical monthly reports, isolating crucial trends in M&A that will shape the future of corporate engagement and investments in Japan. Among these, the report highlights an annual total of 136 train-offers (TOBs) and 32 Management Buyouts (MBOs), signifying the need for companies to adapt to shifting market dynamics.

Key Data Features

In addition to identifying major trends, Volume 2 provides an intricate view of how M&A activities structurally evolve over time, with emphasis on quantifying current market movements via raw data.

WHDC's Group Dynamics

Notably, WHDC has shown significant growth momentum within its first quarter for the fiscal period of 2026 (spanning from September to November 2025), reporting revenue that has doubled year-on-year and achieved a positive adjusted EBITDA. Furthermore, WHDC's ongoing integration of acquired subsidiaries such as Stillan (bridal sector), Goodman (infrastructure maintenance inspection equipment), and Dream Planet (capsule toys) marks a robust expansion strategy that will further drive their M&A philosophy.

CEO Shingo Kameda's Remarks

In a statement regarding Volume 2, Shingo Kameda, WHDC's President and CEO, emphasized the totality of quantitative M&A data concerning public companies. He stated, “By analyzing figures such as 125 delisted companies and 136 TOBs using primary sources from reputable institutions like JPX, EDINET, the Bank of Japan, and the Ministry of Finance, we strive to aid the succession and revitalization of medium and small enterprises under our philosophy known as 'people-helping M&A.'”

About WHDC

Founded in July 2004, The WHY HOW DO COMPANY (WHDC) operates in various capacities, primarily focusing on establishing new business ventures, guiding M&A and investment strategies, and providing operational oversight to subsidiaries. The company’s proactive approach to business signals an intent to play a pivotal role in the evolving landscape of corporate mergers and acquisitions in Japan.

For further inquiries regarding this report or any additional information, please reach out via the inquiry form on their website at WHDC Inquiry.