Davis Polk advised the global coordinator and co-global coordinator in connection with the global offering of 48,717,500 shares of common stock of Asahi Group Holdings, Ltd., which included over-allotment options of 6,354,400 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. The shares are listed on the Tokyo Stock Exchange. The aggregate proceeds of the global offering are approximately ¥156.0 billion (approximately $1.5 billion).

Asahi Group Holdings is a global manufacturer and distributor of beverages and foods based in Japan.

The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associate Chihiro Sasaki. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.