Announcement Regarding Tender Offer for JSB Co., Ltd. by Warburg Pincus

TOKYO — June 12, 2026

Warburg Pincus, a pioneer in global growth investing, announced today that it will launch a tender offer to acquire all outstanding common shares and stock acquisition rights of JSB Co., Ltd. (JSB), a leading platform for student housing and related services in Japan. The tender offer price is 9,000 yen per common share and 1,735,000 yen per stock acquisition right.

JSB’s Board of Directors has expressed its support for the transaction and recommended that shareholders tender their shares. JSB’s major shareholders, the Oka family and Hikari Tsushin Group, have also agreed to tender their shares (representing over 58% of the total). Following the transaction, the Oka family will remain a shareholder through a planned reinvestment, demonstrating their commitment to JSB’s long-term growth.

Founded in 1976, JSB operates the 'UniLife' brand and manages approximately 100,000 student housing units nationwide, serving as a comprehensive student living platform. Through this partnership, Warburg Pincus will work closely with JSB’s management to accelerate growth by expanding housing supply, strengthening institutional partnerships, enhancing digital capabilities, and pursuing strategic M&A.

Takashi Murata, Managing Director and Co-Head of Asia Real Estate at Warburg Pincus, stated, 'We are honored to partner with JSB’s management and the Oka family to support the next phase of JSB’s growth.' Vishal Mahadevia, Head of Asia Private Equity at Warburg Pincus, added, 'JSB is an ideal company for us to support through a long-term partnership.' This transaction marks Warburg Pincus’s first take-private deal in Japan since opening its Tokyo office in 2025.

The tender offer is scheduled to begin on June 15, 2026, and end on July 27, 2026.