Nogizaka and Aether completed the acquisition of a 43% stake in ENEOS-backed NIPPO for $1.8bn.

Two Goldman Sachs-backed holding companies Nogizaka and Aether completed the acquisition of a 43% stake in ENEOS-backed NIPPO, a provider of construction services, for $1.8bn. NIPPO offers ample potential for synergy effects through its leading technical expertise in the pavement and construction businesses, collaboration in the development of recyclable asphalt modifiers, and its paving systems for solar power generation, all of which have potential applications in community services business as described in the long-term vision. On November 9, 2021, Oasis, which has a 4.5% stake in Nippo, has taken the unusual step of going public with what it says are assurances from Eneos, Japan’s biggest refiner, and Nippo that they are open to alternative bids. On November 11, 2021, Nippo have agreed to the bid from Goldman Sachs-backed Nogizaka and Aether.