SWCC and Development Bank of Japan complete TOTOKU acquisition

Carlyle agreed on 21 February 2025 to sell TOTOKU to SWCC and Development Bank of Japan. SWCC’s completion notice confirms acquisition of all shares on 27 March 2025, with SWCC owning 51% and Development Bank of Japan 49%. The accounting consolidation date of 31 March is distinct from the actual closing. Carlyle had acquired TOTOKU in December 2022. Financial terms were not disclosed.