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Ropes & Gray Advises Bain Capital on its $18 Billion Acquisition of Toshiba’s Chip Business

Practices: Private Equity, Finance, Antitrust, Securities & Public Companies, Mergers & Acquisitions, Intellectual Property Transactions

Global law firm Ropes & Gray has advised long-term client Bain Capital on the sale by Toshiba Corp. of its semiconductor business to a group led by Bain Capital and includes Apple Inc., Seagate, Kingston, Hoya, Dell Technologies Inc. and SK Hynix. The transaction, which has announced today, is valued at two trillion yen (approximately $18 billion) – understood to be the largest Japanese deal since 2011, as well as both the largest private equity and leveraged finance deal ever seen in Asia.

The Ropes & Gray team advising Bain Capital is being led by private equity partner Tsuyoshi Imai, with private equity counsel Saeko Inaba and finance counsel Ben Morris. The transaction was accomplished with a cross-office global team that included private equity partner Will Shields, counsel Kaori Fukazawa, antitrust partner Ruchit Patel, business & securities litigation partners Randall Bodner, John Bueker, and Anne Johnson Palmer, securities & public companies partner Thomas Holden, mergers & acquisitions partner Paul Scrivano, IP transactions partner Megan Baca and associates Dan Cowan and Adam Leamon and Chau Le.  Attorneys from across our offices, including Tokyo, Boston, New York, London, San Francisco and Silicon Valley collaborated on the deal.

This is the second significant Asia-led deal Ropes & Gray has announced for Bain Capital this week. On Sept. 25, a cross-office team led from our Seoul office announced its role advising Bain Capital in connection with the sale of Carver Korea Co., Ltd., a leading skincare business, to Unilever for €2.27 billion.