Davis Polk advised the joint lead managers and joint bookrunners in connection with the secondary offering of 86,111,300 shares of common stock of Recruit Holdings Co., Ltd. The shares were sold by eight major corporate Japanese shareholders, including DENTSU GROUP INC. and TOPPAN PRINTING CO., LTD. The offering consisted of 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 offering including over-allotments are approximately ¥373.9 billion (approximately $3.6 billion).

Recruit is a multinational corporation that seeks to act as a meeting place that brings together individual users and enterprise clients, with a focus on services, ranging from education to employment and beauty to dining out. Recruit provides a common platform through which users can find services that best meet their needs and through which business owners can connect with customers.

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