Written by Jad on 21 November 2017.
♦ Recent Deals ♦ Japan, Tokyo
Global law firm Norton Rose Fulbright has advised Mitsui & Co., Ltd. (Mitsui) in connection with its acquisition of a participation in the Maersk Tankers fleet of refined oil tankers. Norton Rose Fulbright advised Mitsui on the establishment of consortium arrangements between Mitsui and A.P. Moller Holding and on the acquisition by Mitsui of its shareholding in that consortium, which will own the Maersk Tankers fleet. The Norton Rose Fulbright team was led by Tokyo partners George Gibson and Paul Coggins. Chris Viner (partner, London) and Andrew Clarke (senior associate, Tokyo) led on the negotiation of the transaction documentation. The team in Tokyo also included Of counsel Jason Lemann and associates Jon Wang, Akiko Tonosaki, Jennifer Brightling and Yui Ota. Competition advice was provided by partner Christian Filippitsch, senior associate Max Seuster and associate Violetta Bourt from the firm’s Brussels office. Advice on Danish law was provided by Messrs Mazanti-Andersen Korso Jensen.
Written by Jad on 27 March 2017.
♦ Recent Deals ♦ Japan, Tokyo
Shearman & Sterling advised Japan Nuclear Fuel Limited (JNFL) in connection with its undertaking to subscribe to a share capital increase of €250 million in New AREVA Holding, a subsidiary of Areva SA, consolidating all assets relating to Areva’s nuclear fuel cycle activities. This investment would give JNFL an equity stake of 5% in New AREVA Holding. Japanese group Mitsubishi Heavy Industries (MHI) will also invest €250 million alongside JNFL. This transaction is part of New AREVA Holding’s restructuring plan, which also includes a reserved share capital increase of €2.5 billion, to be subscribed by the French state. JNFL’s investment is subject to the completion of a number of conditions, including customary regulatory conditions. This transaction required the seamless coordination of Shearman & Sterling’s teams in Paris, Tokyo, London, Brussels and Washington DC, utilizing the firm’s unique experience in cross-border mergers & acquisitions, global nuclear industry transactions, as well as EU and US regulatory matters. Shearman & Sterling’s multidisciplinary team included partners Nicolas Bombrun (Paris-Mergers & Acquisitions), George Borovas (Tokyo-Project Development & Finance), James Webber (London-Antitrust) and Kenneth Lebrun (Tokyo-Mergers & Acquisitions); counsel Marie Pouget (Paris-Mergers & Acquisitions), Anne-Sophie Maes (Paris-Tax) and Robert LaRussa (Washington, DC-Litigation); and associates Gaspard Bastien-Thiry (Paris-Mergers & Acquisitions) and Paul Jun (Tokyo-Mergers & Acquisitions). The French state was advised by French law firms Darrois Villey Maillot Brochier and Bredin Prat. Areva was advised by Allen & Overy. MHI was represented by McDermott.
Written by Jad on 14 March 2016.
♦ Recent Deals ♦ Japan, Tokyo
Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its debut SEC-registered takedown offering, which consisted of $1.75 billion aggregate principal amount of 2.934% senior notes due 2021, $1.5 billion aggregate principal amount of 3.784% senior notes due 2026 and $750 million aggregate principal amount of floating-rate senior notes due 2021. The notes are structured to count as total loss-absorbing capacity (TLAC) when TLAC regulations are implemented in Japan. SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly owned subsidiary, Sumitomo Mitsui Banking Corporation, is one of the world’s largest commercial banks. The Davis Polk team included partners Eugene C. Gregor and Jon Gray, counsel Christopher J. Kodama and associate Benjamin Potter. Counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.
Written by John on 06 November 2015.
♦ Recent Deals ♦ Japan, Tokyo
Simpson Thacher recently represented the international joint lead managers, Goldman Sachs International, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc and Nomura International plc, in connection with the initial public offerings of Japan Post Holdings Co., Ltd. (“JP Holdings”) and subsidiaries Japan Post Bank Co., Ltd. (“JP Bank”) and Japan Post Insurance Co., Ltd. (“JP Insurance”) on the Tokyo Stock Exchange. Each IPO included international offerings to institutional investors in reliance on Rule 144A and Regulation S. The combined ¥1.4 trillion (approximately US$11.6 billion) offering was the largest initial public offering globally to date this year. JP Holdings is a holding company principally engaged in offering mail and parcel, banking and life insurance services through its principal operating subsidiaries: Japan Post Co., Ltd., JP Bank and JP Insurance. Prior to the offering, JP Holdings was wholly owned by the Japanese government. JP Bank is one of the largest financial institutions in Japan, offering financial services primarily for retail customers in Japan through an extensive nationwide network of post offices operated or contracted by JP Post. JP Insurance is the largest life insurance company in Japan, offering a range of life insurance products, with a focus on individual life insurance, such as endowment insurance and whole life insurance and annuity products. The Simpson Thacher team for the transaction included Alan Cannon, Nirav Mehta, Jonathan Stradling and Yui Hirohashi (Corporate – Tokyo); Jonathan Cantor and Jordan Tamchin (Tax – New York); and Jennie Getsin (Blue Sky – New York).
Written by John on 04 August 2015.
♦ Recent Deals ♦ Australia, Brisbane, Japan, Tokyo
Herbert Smith Freehills has advised Japanese automotive group Gulliver International Co Ltd on its A$120 (US$90) million acquisition of a majority shareholding in the DVG Automotive Group, Western Australia's second largest automotive dealership group. Partners Damien Roberts (Tokyo) and Ian Williams (Australia) led their respective ends of the firm's preeminent Japan-Australia team to complete the transaction for Gulliver – both are fluent in Japanese and provide an experienced bridge on Japan-Australia transactions for this client and many others in Japan. Ian is a Vice-President of the Australia Japan Business Cooperation Committee, and has divided his time between Australia and Japan for more than 20 years. Australian national Damien has been based in Tokyo since 2011 and regularly advises Japanese companies on Australian and cross-border deals. "Gulliver has an outstanding business model in car sales distribution, and has already expanded its business to the US, New Zealand and Southeast Asia." said Damien. "As this was the company's first venture into Australia, Gulliver was reassured by our team's ability to advise them from Tokyo to Perth, in their own language, with genuine market expertise, and to work seamlessly with their other advisers to help close the deal." Damien and Ian were assisted by senior associate Claire Jelbart and associate Elisa Hayashi in Tokyo, and by partner Simon Reed, senior associate Sam Kings and graduate James Nagle in Perth.