Ropes & Gray represented Bain Capital as a selling shareholder in the initial public offering on the Tokyo Stock Exchange and concurrent international offering outside Japan of Kioxia Holdings Corp., which closed on December 18. Upon completion of the global offering, Kioxia’s aggregate market capitalization was more than $5 billion. Bain Capital continues to hold a stake of 51.3% in Kioxia, while Toshiba Corp. now owns 32.3%.
Kioxia, formerly known as Toshiba Memory, was the chip division of Toshiba, which was acquired in 2018 by a Bain Capital-led consortium again advised by Ropes & Gray. That transaction represented Asia’s largest-ever leveraged buyout at the time and remains among the biggest and most complex private-equity-backed transactions in Asia.
Bain Capital is one of the world’s leading private multi-asset alternative investment firms with offices on four continents, more than 1,850 employees and approximately $185 billion in assets under management.
This team was led by private equity partner Tsuyoshi Imai, private equity counsel Kaori Fukazawa, and associate Lucas Adams (all of Tokyo).
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