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Ropes & Gray Advises Bain Capital on Multiple, Billion-Dollar Deals

Practices: Private Equity

Ropes & Gray advised long term client Bain Capital on two back to back Japanese tender offers in the midst of the COVID-19 epidemic.

Most recently, the firm advised Bain Capital on its approximately $1.1 billion tender offer for all of the outstanding shares of Nichiigakkan, a Japan based company that operates nursing homes and provides hospital services. The tender offer was announced on May 8, commenced on May 11 and is expected close at the end of June. 

On March 17, the same team also represented Bain Capital on the closing of its approximately $830 million tender offer for all of the outstanding shares of Showa Aircraft, a Japan based company that manufactures aircraft parts, and operates a hotel and golf courses. Reflecting a broader market trend, that deal was a spin out of a listed public subsidiary, in this case in which the seller, Mitsui E&S, owned approximately 65% of the company.

The Ropes & Gray team that represented Bain Capital on both of these transactions was led by private capital transactions partners Tsuyoshi Imai and Ben Morris, and included private capital transactions counsel Kaori Fukazawa, private capital transactions associate Keisuke Takacho and senior corporate paralegals Nao Omoto and Elena Hikage (all of Tokyo). Private capital transactions associate Alice Sun (Hong Kong) provided financing support. Additional support was provided by private capital transactions associate Kevin Uhler (Chicago) and other Ropes attorneys. 

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