Tokyo Team Advises on Two Separate Transactions Approaching $12 Billion in Total Value
Attorneys in our Tokyo office advised on two significant transactions. Our team guided Toshiba Memory Holdings Corporation, a global leader in the manufacturing of memory chips, in its 1.2 trillion yen (approximately $11 billion) refinancing. The refinancing encompasses one-dozen tranches, borrowed in connection with the $2 trillion yen (approximately $18 billion) leveraged buyout of Toshiba Memory by a Bain Capital-led consortium. The 2018 deal between Bain and Toshiba, is the largest-ever leveraged buyout in Asia.
In a separate transaction, Tokyo-based attorneys advised Bain Capital in the 94.5 billion yen (approximately $875 million) acquisition of the HR business of Works Applications. Works Applications is Japan’s biggest vendor of business software for payroll and human resources.
The Ropes & Gray team advising on both deals includes private equity partners Tsuyoshi Imai and Saeko Inaba and finance partner Ben Morris (all of Tokyo).