The principal focus in our Tokyo office is on capital markets transactions and mergers and acquisitions/joint ventures involving Japanese and foreign enterprises, although we also work on high-yield debt and acquisition finance, structured and project finance and credit and leveraged finance transactions, as well as compliance and internal investigations, and a broad range of other corporate and advisory projects. We play a central role in the flow of major cross-border transactions involving many sectors of the Japanese economy, focusing on the technology and financial institutions sectors.
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Davis Polk has been active in Japan since we advised J.P. Morgan on sovereign financings in the wake of the Tokyo earthquake in 1923. Today, we are among the leading U.S. legal advisers on complex transactions involving Japanese companies and the Japanese marketplace. Our Tokyo office, which opened in 1987, is staffed by two partners, a counsel and nine associates. We also draw support from our colleagues in our Hong Kong, Beijing, New York, London and Menlo Park offices as needed to ensure successful execution of transactions.
Together with our Hong Kong and Beijing office lawyers, we are also actively engaged in advising on private equity transactions and international securities offerings involving companies in China, Korea, India, Taiwan and Southeast Asia.
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- $11.1 billion Rule 144A/Regulation S global offering of common stock by Sumitomo Mitsui Financial Group (2010) – this is the largest equity offering to date in 2010
- $3.9 billion global offering of common stocks and convertible bonds by Hitachi, a Japanese conglomerate (2009)
- $891 million global offering of common stock by ORIX Corporation, one of Japan's leading financial services groups (2009)
- $9.2 billion Rule 144A/Regulation S global offering of common stock by Sumitomo Mitsui Financial Group (2009)
- $938 million underwritten rights offering by Shinhan Financial Group, the largest Korean financial institution by market capitalization. The offering is the largest rights offering out of Korea (2009)
- $2 billion Schedule B debt offering of notes by the Korean Development Bank (2009)
- $2 billion Schedule B debt offering of notes by the Export-Import Bank of Korea (2009)
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- $19.65 billion global IPO by Visa Inc., the largest IPO in U.S. history, which also featured the first simultaneous registered public offering of shares in Japan and the United States (2008)
- $2 billion and subsequent $2.2 billion Rule 144A/Regulation S offerings of bonds by the Republic of Indonesia (2008)
- $1.8 billion Rule 144A/Regulation S offering of hybrid preferred securities and $1.35 billion and £250 million Rule 144A/Regulation S offering of hybrid preferred securities by Sumitomo Mitsui Financial Group (2008)
- $1.5 billion SEC-registered Schedule B debt offering by The Export-Import Bank of Korea (2009)
- $1.1 billion acquisition by Shionogi & Co. of Sciele Pharma. Shionogi is a leading pharmaceutical firm with headquarters in Osaka, Japan. Sciele, which is based in Atlanta, Georgia, is a midsize pharmaceutical company (2008)
- We are advising Aozora Bank in connection with its merger of equals with Shinsei Bank. The entity established after the completion of the merger will be the 6th largest banking group in Japan.
- We advised Nikko Asset Management Co., a Japanese investment management company, on its ¥112.4 billion acquisition by The Sumitomo Trust and Banking Co., a Japanese bank.
- $970 million Rule 144A/Regulation S secondary global offering of common stock of Chuo Mitsui Trust Holdings by the Resolution and Collection Corporation (2008)
- MXN 1.2 billion, MXN 800 million, MXN 300 million and €750 million Schedule B offerings of fixed and floating-rate notes by the Export-Import Bank of Korea (2008)
- $4.6 billion share exchange acquisition of Nikko Cordial by Citigroup, which involved the first-ever triangular merger under Japanese law by a foreign company and followed a $7.7 billion tender offer that was the largest-ever acquisition of a Japanese company by a foreign company—named “Asian M&A Deal of the Year” by IFLR and “Japan Deal of the Year” by Asian Legal Business (2007)
- $3.9 billion Eisai Co. cash tender offer for all outstanding shares of MGI Pharma (2007)
See the
Tokyo Office Brochure for additional transactions.
Tokyo office lawyers not identified as Gaikokuho Jimu Bengoshi are qualified under the laws of New York or other jurisdictions outside Japan and working in Japan under the supervision and direction of Gaikokuho Jimu Bengoshi resident in the firm's Tokyo office.
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