{
  "title": "Yamaha to Acquire Disguise for £215 Million",
  "publisher": "Acquiry Deal Intelligence",
  "author": "Joash Boyton",
  "url": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/",
  "published": "2026-11-15T00:27:00Z",
  "updated": "2026-11-15T00:27:00Z",
  "licence": "Free to reference with attribution to Acquiry Deal Intelligence and a link to the source URL.",
  "basisNote": "company-disclosed = stated in a company filing or company website; press-sourced = stated by a named news publication; calculated = Acquiry arithmetic on the sourced inputs, formula shown.",
  "rows": [
    {
      "dataset": "sourced-inputs",
      "id": "deal.announced",
      "label": "Announcement date",
      "value": "2026-11-13",
      "unit": "date",
      "display": "November 13, 2026",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Date of conclusion of the agreement November 13, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.priceGbp",
      "label": "Aggregate consideration for the shares and Shareholder Loan Notes, in pounds sterling",
      "value": 215000000,
      "unit": "count",
      "display": "GBP 215 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "GBP 215 million (approximately JPY 46.1 billion)",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.priceJpy",
      "label": "Aggregate consideration in Japanese yen (Yamaha conversion)",
      "value": 46100000000,
      "unit": "count",
      "display": "JPY 46.1 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "approximately JPY 46.1 billion",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.totalOutlayJpy",
      "label": "Total including anticipated advisory fees, in Japanese yen",
      "value": 47700000000,
      "unit": "count",
      "display": "JPY 47.7 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Total (estimated amount) (Note 7) JPY 47.7 billion",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.advisoryFeesJpy",
      "label": "Anticipated advisory fees, in Japanese yen",
      "value": 1600000000,
      "unit": "count",
      "display": "JPY 1.6 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Advisory fees, etc. (estimated amount) JPY 1.6 billion",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.bankRepaymentJpy",
      "label": "Bank borrowings expected to be repaid in connection with the transaction, in Japanese yen",
      "value": 3200000000,
      "unit": "count",
      "display": "JPY 3.2 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "approximately JPY 3.2 billion is expected to be paid to repay the bank borrowings",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.sharesAcquired",
      "label": "Butterfly Topco shares to be acquired",
      "value": 1132964,
      "unit": "count",
      "display": "1,132,964 shares",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Number of shares to be acquired 1,132,964 shares",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.founded",
      "label": "Disguise founded as d3 Technologies",
      "value": 2010,
      "unit": "year",
      "display": "May 2010",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.disguise.one/en/about/team",
      "source_title": "Disguise, 15 November 2026",
      "evidence": "led to the creation of d3 Technologies in May 2010",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.salesFy2023",
      "label": "Butterfly Topco consolidated net sales, year ended December 2023 (UK GAAP, pounds)",
      "value": 67164000,
      "unit": "count",
      "display": "GBP 67,164 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated net sales 67,164 67,247 60,014",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.salesFy2024",
      "label": "Butterfly Topco consolidated net sales, year ended December 2024 (UK GAAP, pounds)",
      "value": 67247000,
      "unit": "count",
      "display": "GBP 67,247 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated net sales 67,164 67,247 60,014",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.salesFy2025",
      "label": "Butterfly Topco consolidated net sales, year ended December 2025 (UK GAAP, pounds)",
      "value": 60014000,
      "unit": "count",
      "display": "GBP 60,014 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated net sales 67,164 67,247 60,014",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.ebitdaFy2023",
      "label": "Butterfly Topco consolidated EBITDA, year ended December 2023 (UK GAAP, pounds)",
      "value": 7626000,
      "unit": "count",
      "display": "GBP 7,626 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated EBITDA (Note 1) 7,626 5,196 4,620",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.ebitdaFy2024",
      "label": "Butterfly Topco consolidated EBITDA, year ended December 2024 (UK GAAP, pounds)",
      "value": 5196000,
      "unit": "count",
      "display": "GBP 5,196 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated EBITDA (Note 1) 7,626 5,196 4,620",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.ebitdaFy2025",
      "label": "Butterfly Topco consolidated EBITDA, year ended December 2025 (UK GAAP, pounds)",
      "value": 4620000,
      "unit": "count",
      "display": "GBP 4,620 thousand",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Consolidated EBITDA (Note 1) 7,626 5,196 4,620",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "disguise.countries",
      "label": "Countries in which Disguise provides products and services (more than)",
      "value": 100,
      "unit": "count",
      "display": "more than 100 countries",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "providing products and services in more than 100 countries",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "disguise.partners",
      "label": "Disguise partner network (over)",
      "value": 400,
      "unit": "count",
      "display": "over 400 partners",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "maintaining a network of over 400 partners",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "seller.mainStakePct",
      "label": "CETP IV Investment 7 S.à r.l ownership of Butterfly Topco",
      "value": 58.16,
      "unit": "pct",
      "display": "58.16%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Other shareholders 58.16% 5.64% 36.20%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "seller.livingbridgePct",
      "label": "Livingbridge Enterprise ownership of Butterfly Topco",
      "value": 5.64,
      "unit": "pct",
      "display": "5.64%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Other shareholders 58.16% 5.64% 36.20%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "seller.otherPct",
      "label": "Other shareholders’ ownership of Butterfly Topco",
      "value": 36.2,
      "unit": "pct",
      "display": "36.20%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "source_title": "Yamaha Corporation (TSE: 7951), 13 November 2026",
      "evidence": "Other shareholders 58.16% 5.64% 36.20%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.founded",
      "label": "Yamaha Group founded",
      "value": 1887,
      "unit": "year",
      "display": "1887",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.businesswire.com/news/home/20261112589637/en/CORRECTING-and-REPLACING-Yamaha-to-Acquire-Disguise-Expanding-Its-Capabilities-in-Integrated-Audio-Video-Lighting-and-Media",
      "source_title": "Yamaha Corporation (Business Wire), 13 November 2026",
      "evidence": "Founded in 1887",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.revenueJpy",
      "label": "Yamaha revenue, fiscal year ended March 2026, in Japanese yen",
      "value": 465300000000,
      "unit": "count",
      "display": "JPY 465.3 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/presentations/pdf/2027/outline2q.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Revenue 216.4 237.9 465.3 490.0 490.0",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.h1RevenueJpy",
      "label": "Yamaha revenue, six months to 30 September 2026, in Japanese yen",
      "value": 237900000000,
      "unit": "count",
      "display": "JPY 237.9 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/presentations/pdf/2027/outline2q.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Revenue 216.4 237.9 465.3 490.0 490.0",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.cashJpy",
      "label": "Yamaha cash and cash equivalents at 30 September 2026, in Japanese yen",
      "value": 147845000000,
      "unit": "count",
      "display": "JPY 147,845 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/flash-report/pdf/frepo-2027-q2.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Cash and cash equivalents 108,952 147,845",
      "as_at": "2026-09-30",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.equityJpy",
      "label": "Yamaha total equity at 30 September 2026, in Japanese yen",
      "value": 506628000000,
      "unit": "count",
      "display": "JPY 506,628 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/flash-report/pdf/frepo-2027-q2.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Total equity 479,730 506,628",
      "as_at": "2026-09-30",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.employees",
      "label": "Yamaha employees at 30 September 2026 (full-time staff)",
      "value": 17941,
      "unit": "count",
      "display": "17,941",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/presentations/pdf/2027/outline2q.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Total (*8) 18,816 17,941 17,886 17,800 18,000",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.sharesOutstanding",
      "label": "Yamaha shares issued at 30 September 2026, including treasury shares",
      "value": 463,
      "unit": "shares_m",
      "display": "463,000,000 shares",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.yamaha.com/en/ir/library/flash-report/pdf/frepo-2027-q2.pdf",
      "source_title": "Yamaha Corporation, 5 November 2026",
      "evidence": "Interim period of FY2027.3 463,000,000 shares",
      "as_at": "2026-09-30",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "disguise.x1Usd",
      "label": "Disguise X1 plan, per user per year",
      "value": 6000,
      "unit": "usd",
      "display": "$6,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.disguise.one/en/products/x-series",
      "source_title": "Disguise, 15 November 2026",
      "evidence": "$6,000 per user /year",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "disguise.x3Usd",
      "label": "Disguise X3 plan, per user per year",
      "value": 15000,
      "unit": "usd",
      "display": "$15,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.disguise.one/en/products/x-series",
      "source_title": "Disguise, 15 November 2026",
      "evidence": "$15,000 per user /year",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "disguise.mappingAnnualUsd",
      "label": "Mapping Matter, per user per year",
      "value": 1068,
      "unit": "usd",
      "display": "$1,068",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.disguise.one/en/products/mapping-matter",
      "source_title": "Disguise, 15 November 2026",
      "evidence": "$99 per user/per month or $1,068 per user/per year",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#deal-data"
    },
    {
      "dataset": "calculations",
      "id": "years-to-exit",
      "label": "Years from founding to announcement",
      "value": 16,
      "unit": "year",
      "display": "16 years",
      "basis": "calculated",
      "formula": "Announcement year − founding year",
      "inputs": "target.founded | deal.announced",
      "source": "",
      "source_title": "",
      "evidence": "Time to outcome for founders and early investors.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-years-to-exit"
    },
    {
      "dataset": "calculations",
      "id": "price-to-sales-2025",
      "label": "Price as a multiple of Disguise net sales, year ended December 2025",
      "value": 3.5825,
      "unit": "x",
      "display": "3.58x",
      "basis": "calculated",
      "formula": "Aggregate consideration for the shares and Shareholder Loan Notes, in pounds sterling ÷ Butterfly Topco consolidated net sales, year ended December 2025 (UK GAAP, pounds)",
      "inputs": "deal.priceGbp | target.salesFy2025",
      "source": "",
      "source_title": "",
      "evidence": "The standard sales multiple, with price and sales both in pounds sterling.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-price-to-sales-2025"
    },
    {
      "dataset": "calculations",
      "id": "price-to-ebitda-2025",
      "label": "Price as a multiple of Disguise EBITDA, year ended December 2025",
      "value": 46.5368,
      "unit": "x",
      "display": "46.5x",
      "basis": "calculated",
      "formula": "Aggregate consideration for the shares and Shareholder Loan Notes, in pounds sterling ÷ Butterfly Topco consolidated EBITDA, year ended December 2025 (UK GAAP, pounds)",
      "inputs": "deal.priceGbp | target.ebitdaFy2025",
      "source": "",
      "source_title": "",
      "evidence": "The standard earnings multiple, using the EBITDA definition in Yamaha’s notice.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-price-to-ebitda-2025"
    },
    {
      "dataset": "calculations",
      "id": "ebitda-margin-2025",
      "label": "Disguise EBITDA as a share of net sales, year ended December 2025",
      "value": 7.6982,
      "unit": "pct",
      "display": "7.7%",
      "basis": "calculated",
      "formula": "Butterfly Topco consolidated EBITDA, year ended December 2025 (UK GAAP, pounds) ÷ Butterfly Topco consolidated net sales, year ended December 2025 (UK GAAP, pounds) × 100",
      "inputs": "target.ebitdaFy2025 | target.salesFy2025",
      "source": "",
      "source_title": "",
      "evidence": "Shows the earnings margin behind the multiples on the same UK GAAP basis.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-ebitda-margin-2025"
    },
    {
      "dataset": "calculations",
      "id": "price-vs-yamaha-revenue",
      "label": "Price as a share of Yamaha annual revenue, fiscal year ended March 2026",
      "value": 9.9076,
      "unit": "pct",
      "display": "9.91%",
      "basis": "calculated",
      "formula": "Aggregate consideration in Japanese yen (Yamaha conversion) ÷ Yamaha revenue, fiscal year ended March 2026, in Japanese yen × 100",
      "inputs": "deal.priceJpy | acquirer.revenueJpy",
      "source": "",
      "source_title": "",
      "evidence": "Sizes the consideration against the buyer’s annual sales, with both in yen.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-price-vs-yamaha-revenue"
    },
    {
      "dataset": "calculations",
      "id": "price-vs-yamaha-cash",
      "label": "Price as a share of Yamaha cash and cash equivalents at 30 September 2026",
      "value": 31.1813,
      "unit": "pct",
      "display": "31.2%",
      "basis": "calculated",
      "formula": "Aggregate consideration in Japanese yen (Yamaha conversion) ÷ Yamaha cash and cash equivalents at 30 September 2026, in Japanese yen × 100",
      "inputs": "deal.priceJpy | acquirer.cashJpy",
      "source": "",
      "source_title": "",
      "evidence": "Shows how the consideration compares with the cash on Yamaha’s balance sheet at the latest reporting date.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-price-vs-yamaha-cash"
    },
    {
      "dataset": "calculations",
      "id": "outlay-vs-yamaha-cash",
      "label": "Total outlay including advisory fees as a share of Yamaha cash at 30 September 2026",
      "value": 32.2635,
      "unit": "pct",
      "display": "32.3%",
      "basis": "calculated",
      "formula": "Total including anticipated advisory fees, in Japanese yen ÷ Yamaha cash and cash equivalents at 30 September 2026, in Japanese yen × 100",
      "inputs": "deal.totalOutlayJpy | acquirer.cashJpy",
      "source": "",
      "source_title": "",
      "evidence": "The all-in amount in the notice set against cash, with both in yen.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-outlay-vs-yamaha-cash"
    },
    {
      "dataset": "calculations",
      "id": "price-vs-yamaha-equity",
      "label": "Price as a share of Yamaha total equity at 30 September 2026",
      "value": 9.0994,
      "unit": "pct",
      "display": "9.1%",
      "basis": "calculated",
      "formula": "Aggregate consideration in Japanese yen (Yamaha conversion) ÷ Yamaha total equity at 30 September 2026, in Japanese yen × 100",
      "inputs": "deal.priceJpy | acquirer.equityJpy",
      "source": "",
      "source_title": "",
      "evidence": "Sizes the consideration against the buyer’s book equity.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-price-vs-yamaha-equity"
    },
    {
      "dataset": "calculations",
      "id": "fees-share-of-outlay",
      "label": "Advisory fees as a share of the total outlay",
      "value": 3.3543,
      "unit": "pct",
      "display": "3.35%",
      "basis": "calculated",
      "formula": "Anticipated advisory fees, in Japanese yen ÷ Total including anticipated advisory fees, in Japanese yen × 100",
      "inputs": "deal.advisoryFeesJpy | deal.totalOutlayJpy",
      "source": "",
      "source_title": "",
      "evidence": "Shows how much of the total outlay in the notice is advisory cost.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-fees-share-of-outlay"
    },
    {
      "dataset": "calculations",
      "id": "bank-repayment-share-of-outlay",
      "label": "Bank borrowing repayment as a share of the total outlay",
      "value": 6.7086,
      "unit": "pct",
      "display": "6.71%",
      "basis": "calculated",
      "formula": "Bank borrowings expected to be repaid in connection with the transaction, in Japanese yen ÷ Total including anticipated advisory fees, in Japanese yen × 100",
      "inputs": "deal.bankRepaymentJpy | deal.totalOutlayJpy",
      "source": "",
      "source_title": "",
      "evidence": "Compares the repayment amount in the notice with the total outlay.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-bank-repayment-share-of-outlay"
    },
    {
      "dataset": "calculations",
      "id": "years-between-foundings",
      "label": "Years between the founding of Yamaha and of d3 Technologies, now Disguise",
      "value": 123,
      "unit": "year",
      "display": "123 years",
      "basis": "calculated",
      "formula": "Disguise founded as d3 Technologies − Yamaha Group founded",
      "inputs": "target.founded | acquirer.founded",
      "source": "",
      "source_title": "",
      "evidence": "Places a 2010 company inside a business founded in 1887.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-years-between-foundings"
    },
    {
      "dataset": "calculations",
      "id": "x3-vs-x1-price",
      "label": "X3 annual plan price as a multiple of the X1 annual plan price",
      "value": 2.5,
      "unit": "x",
      "display": "2.5x",
      "basis": "calculated",
      "formula": "Disguise X3 plan, per user per year ÷ Disguise X1 plan, per user per year",
      "inputs": "disguise.x3Usd | disguise.x1Usd",
      "source": "",
      "source_title": "",
      "evidence": "Shows the step between one and three 4K DCI outputs on the same Designer toolset.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/#calc-x3-vs-x1-price"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-1",
      "label": "Aggregate consideration",
      "value": "£215 million",
      "unit": "",
      "display": "£215 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Stated in Yamaha’s notice of 13 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-2",
      "label": "Yen equivalent",
      "value": "JPY 46.1 billion",
      "unit": "",
      "display": "JPY 46.1 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Stated by Yamaha at £1 = JPY 214.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-3",
      "label": "Total including advisory fees",
      "value": "JPY 47.7 billion",
      "unit": "",
      "display": "JPY 47.7 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Stated in Yamaha’s notice.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-4",
      "label": "Shares to be acquired",
      "value": "1,132,964 shares",
      "unit": "",
      "display": "1,132,964 shares",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Butterfly Topco Limited, to 100.0% of the voting rights.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-5",
      "label": "Countries served",
      "value": "More than 100",
      "unit": "",
      "display": "More than 100",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Per Yamaha’s notice.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-6",
      "label": "Scheduled completion",
      "value": "December 2026",
      "unit": "",
      "display": "December 2026",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Per Yamaha’s notice and Carlyle’s release.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-1",
      "label": "Price",
      "value": "£215 million",
      "unit": "",
      "display": "£215 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Aggregate acquisition consideration for the ordinary shares and Shareholder Loan Notes of Butterfly Topco Limited, per Yamaha’s notice of 13 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-2",
      "label": "Yen equivalent",
      "value": "JPY 46.1 billion",
      "unit": "",
      "display": "JPY 46.1 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Approximate yen value stated by Yamaha at £1 = JPY 214.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-3",
      "label": "Total outlay",
      "value": "JPY 47.7 billion",
      "unit": "",
      "display": "JPY 47.7 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "The notice’s total including anticipated advisory fees of JPY 1.6 billion.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-4",
      "label": "Shares acquired",
      "value": "1,132,964 shares",
      "unit": "",
      "display": "1,132,964 shares",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "All shares of Butterfly Topco Limited, taking Yamaha from 0.0% to 100.0% of the voting rights.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-5",
      "label": "Largest seller",
      "value": "58.16%",
      "unit": "",
      "display": "58.16%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Held by CETP IV Investment 7 S.à r.l; Livingbridge Enterprise holds 5.64% and other shareholders 36.20%.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-6",
      "label": "Disguise net sales, 2025",
      "value": "£60,014 thousand",
      "unit": "",
      "display": "£60,014 thousand",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Consolidated net sales for the year ended December 2025 on a UK GAAP basis.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-7",
      "label": "Disguise reach",
      "value": "More than 100 countries",
      "unit": "",
      "display": "More than 100 countries",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Plus a network of over 400 partners, per Yamaha’s notice.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-8",
      "label": "Expected completion",
      "value": "December 2026",
      "unit": "",
      "display": "December 2026",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Scheduled, subject to customary closing conditions; Disguise then becomes a wholly owned subsidiary.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/yamaha-to-acquire-disguise/"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "title": "Notice Concerning Making Disguise Technologies Limited a Wholly Owned Subsidiary through an Acquisition of Shares of Butterfly Topco Limited",
      "href": "https://www.yamaha.com/en/news_release/files/news/26111302/pdf/2611130201.pdf",
      "publisher": "Yamaha Corporation (TSE: 7951)",
      "date": "13 November 2026",
      "isoDate": "2026-11-13",
      "kind": "Company notice"
    },
    {
      "id": "s2",
      "title": "Yamaha to Acquire Disguise, Expanding Its Capabilities in Integrated Audio, Video, Lighting and Media",
      "href": "https://www.businesswire.com/news/home/20261112589637/en/CORRECTING-and-REPLACING-Yamaha-to-Acquire-Disguise-Expanding-Its-Capabilities-in-Integrated-Audio-Video-Lighting-and-Media",
      "publisher": "Yamaha Corporation (Business Wire)",
      "date": "13 November 2026",
      "isoDate": "2026-11-13",
      "kind": "Press release"
    },
    {
      "id": "s3",
      "title": "Yamaha Corporation to acquire Disguise, the leader in live music and venue technology, to fuel its next phase of growth",
      "href": "https://www.disguise.one/en/insights/news/yamaha-corporation-acquires-disguise",
      "publisher": "Disguise",
      "date": "13 November 2026",
      "isoDate": "2026-11-13",
      "kind": "Company announcement"
    },
    {
      "id": "s4",
      "title": "Carlyle Agrees to Sell Disguise to Yamaha Corporation",
      "href": "https://www.carlyle.com/media-room/news-release-archive/carlyle-agrees-sell-disguise-yamaha-corporation",
      "publisher": "Carlyle",
      "date": "13 November 2026",
      "isoDate": "2026-11-13",
      "kind": "Press release"
    },
    {
      "id": "s5",
      "title": "Analyst and Investor Briefing on Second Quarter of FY2027.3",
      "href": "https://www.yamaha.com/en/ir/library/presentations/pdf/2027/pres-261105e.pdf",
      "publisher": "Yamaha Corporation",
      "date": "5 November 2026",
      "isoDate": "2026-11-05",
      "kind": "Investor presentation"
    },
    {
      "id": "s6",
      "title": "Second Quarter of FY2027.3 Performance Outline",
      "href": "https://www.yamaha.com/en/ir/library/presentations/pdf/2027/outline2q.pdf",
      "publisher": "Yamaha Corporation",
      "date": "5 November 2026",
      "isoDate": "2026-11-05",
      "kind": "Financial results"
    },
    {
      "id": "s7",
      "title": "Flash Report for the Second Quarter of the Fiscal Year Ending March 31, 2027",
      "href": "https://www.yamaha.com/en/ir/library/flash-report/pdf/frepo-2027-q2.pdf",
      "publisher": "Yamaha Corporation",
      "date": "5 November 2026",
      "isoDate": "2026-11-05",
      "kind": "Financial results"
    },
    {
      "id": "s8",
      "title": "About Disguise",
      "href": "https://www.disguise.one/en/about-us",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    },
    {
      "id": "s9",
      "title": "Disguise leadership team",
      "href": "https://www.disguise.one/en/about/team",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    },
    {
      "id": "s10",
      "title": "Disguise X Series",
      "href": "https://www.disguise.one/en/products/x-series",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    },
    {
      "id": "s11",
      "title": "Disguise Designer",
      "href": "https://www.disguise.one/en/products/designer",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    },
    {
      "id": "s12",
      "title": "Disguise RenderStream",
      "href": "https://www.disguise.one/en/products/renderstream",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    },
    {
      "id": "s13",
      "title": "Disguise Mapping Matter",
      "href": "https://www.disguise.one/en/products/mapping-matter",
      "publisher": "Disguise",
      "date": "15 November 2026",
      "isoDate": "2026-11-15",
      "kind": "Company website"
    }
  ]
}