Ushio has acquired the entertainment and industry lamps business from ams OSRAM

March 2026 — Ushio Inc. has acquired the entertainment and industry lamps business from ams OSRAM AG in a carveout transaction. The acquisition includes global operations and strengthens Ushio’s industrial processes segment, expanding its portfolio in high-performance light sources for industrial and advanced manufacturing applications.

Ushio is a Japan-based global provider of optical and lighting solutions specializing in industrial processes, semiconductor lithography, life sciences and visual imaging applications. Founded in 1964 and listed on the Tokyo Stock Exchange, the company operates internationally with a focus on advanced light source technologies serving semiconductor, electronics and industrial markets.

ams-OSRAM’s entertainment and industry lamps (ENI) business is a global light source platform specializing in solutions for semiconductor manufacturing, advanced industrial processes and entertainment applications. The carveout includes European operations, manufacturing facilities, R&D capabilities, intellectual property and approximately 500 employees.

ams-OSRAM is a global provider of light and sensor solutions with more than 110 years of industry experience and approximately 19,700 employees worldwide. The company is listed on the SIX Swiss Exchange and is headquartered in Austria with a co-headquarters in Germany.

Our role in the transaction

Oaklins’ team in Austria acted as the buy-side advisor alongside the Development Bank of Japan, leading the valuation of the target and co-managing the negotiation and documentation of the 14-month carveout transaction. The team focused on the European operations, ensuring alignment with the Japanese activities throughout the process, including defining the target operating model, coordinating due diligence and supporting transaction execution.