Toyota Industries Corp. has received a ¥5.2 trillion ($33 billion) proposal to go private, marking one of the largest buyouts globally.

The tender offer is priced at ¥16,300 per share—11% below the company’s most recent closing price.

A new holding company will be created to carry out the transaction, with backing from Toyota Motor Corporation, affiliated suppliers, and entities linked to the Toyoda family.

As part of the deal, Toyota Motor will invest ¥700 billion through preferred shares, while its chairman, Akio Toyoda, will personally contribute ¥1 billion.

Toyota Industries Corp.’s proposed $33 billion buyout is designed to unwind longstanding cross-shareholdings within the Toyota Group—an effort that reflects Japan’s push for stronger corporate governance.

The deal would dissolve equity ties between Toyota Industries and key affiliates like Denso and Aisin, addressing investor concerns about transparency and group entanglements.

A formal offer may be launched by November, pending review by an independent board committee.

Toyota Industries and Toyota Motor share a deep history that dates back nearly a century, rooted in the Toyoda family’s original loom-making business.