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Tokyo

About the Office

Davis Polk’s Tokyo office opened in 1987 and was among the first Asian offices founded by the top Wall Street firms. Active in Japan for over 90 years, today we are among the leading U.S. legal advisers on complex transactions involving Japanese companies and the Japanese marketplace. The principal focus of our Tokyo office is capital markets transactions and mergers and acquisitions/joint ventures involving Japanese and international enterprises. We also work on cross-border insolvency and restructuring, finance and credit transactions as well as antitrust and competition, litigation, global enforcement and investigations, and other corporate and advisory projects.

Our Tokyo professionals are highly skilled and are among the market’s top legal advisers. Our Tokyo professionals are fluent in Japanese and deeply knowledgeable about both U.S. law and the Japanese business environment, having either started in Tokyo or spent the majority of their legal careers in Japan. Professionals in our Tokyo office also frequently collaborate across our offices, working closely with colleagues who are leaders in their respective fields to deliver timely advice in real-time in Japan.  

Tokyo professionals are directly supervised by a partner and 2 counsels, each qualified in Japan as a Foreign Special Member (Gaikokuho-Jimu-Bengoshi) of the Dai-Ichi or Dai-Ni Tokyo Bar Associations.

Recognition

  • Finance Asia Japan Achievement Awards 2016/2017:

    • “Best Law Firm”
    • “Deal of the Year” and “Best M&A Deal” (ARM acquisition by SoftBank)
  • Asian Legal Business Japan Law Awards 2017:
    • “Japan Deal of the Year,” “M&A Deal of the Year (Premium)” and
      “Technology, Media and Telecommunications Deal of the Year” (ARM acquisition by SoftBank)

  • Chambers Asia-Pacific – “This team fields outstanding experts with extensive knowledge of various markets throughout the Asia-Pacific region. It continues to assist blue-chip corporations on global debt and equity offerings.”
  • IFLR1000 – “Davis Polk & Wardwell has a leading foreign capital markets practice in Japan and has had another strong year acting in the top mandates available to the market in equity and debt … The foreign M&A practice consolidates its position in Tier 1 after another strong year.”
  • Chambers Asia-Pacific – Japan:
    • Band 1 in Capital Markets: International: US Law 
  • IFLR1000 – Japan:
    • 1st Tier in Capital Markets: Debt: Foreign Law
    • 1st Tier in Capital Markets: Equity: Foreign Law
    • 1st Tier in M&A: Foreign Law 
  • The Legal 500 – Japan:
    • 1st Tier in Capital Markets: International Firms and Joint Ventures
    • 2nd Tier in Corporate and M&A: International Firms and Joint Ventures
  • 2015 Dealwatch Awards:
    • “Offshore Bond of the Year” (Central Japan Railway offering)
    • “J-REIT Deal of the Year” (LaSalle LOGIPORT REIT global IPO)

Notable Matters

  • Sumitomo Mitsui Trust Bank Guaranteed Secured Obligation Programme. We advised Sumitomo Mitsui Trust Bank in connection with establishment of a $5 billion guaranteed secured obligation programme for SumitG Guaranteed Secured Obligation Issuer D.A.C., an Irish SPV set up to issue “covered” bonds guaranteed by SMTB and a major financial services institution and secured by a pool of eligible fixed income assets. We advised SMTB on the programme and debut offering of $500 million of 2.251% guaranteed secured bonds due 2020.
  • Metropolis of Tokyo bond offering. We advised Metropolis of Tokyo (MoT) on its debut Rule 144A/Regulation S offering of $1 billion of 2.000% bonds due 2021. The offering was MoT’s first U.S.-directed offering as a stand-alone issuer.
  • Sumitomo Mitsui Financial Group TLAC notes offering. We advised Sumitomo Mitsui Financial Group on its debut SEC-registered offering, which consisted of $1.75 billion of 2.934% senior notes due 2021, $1.5 billion of 3.784% senior notes due 2026 and $750 million of floating-rate senior notes due 2021. The notes are structured to count as total loss-absorbing capacity ("TLAC") notes.
  • Mizuho Financial Group TLAC notes offering. We advised the joint lead managers on the debut Rule 144A/Regulation S offering by Mizuho Financial Group, which consisted of $1.75 billion of 2.632% senior notes due 2021, $1.75 billion of 3.477% senior notes due 2026 and $500 million of floating-rate senior notes due 2021. The notes are structured to count as TLAC notes under banking regulations in Japan.
  • LaSalle LOGIPORT REIT global initial public offering. We advised the joint lead managers on LaSalle LOGIPORT REIT’s ¥106.2 billion (US$935 million) global initial public offering of investment units, including an offering outside Japan pursuant to Rule 144A and Regulation S.
  • Nippon Life Insurance Company subordinated notes offering. We advised Nippon Life on its Rule 144A/Regulation S offering of $1.5 billion of 4.70% step-up callable subordinated notes due 2046. Nippon Life is one of the largest private life insurance company in Japan.
  • Central Japan Railway Company senior notes offering. We advised the joint lead managers on a debut Rule 144A/Regulation S offering by Central Japan Railway of $300 million of 4.25% senior notes due 2045. Central Japan Railway is one of the largest railway companies in Japan.
  • Meiji Yasuda Life Insurance Company subordinated notes offering. We advised the joint lead managers on the debut Rule 144A/Regulation S offering by Meiji Yasuda Life of $2 billion of 5.20% step-up callable subordinated notes due 2045. Meiji Yasuda Life is one of the largest life insurance companies in Japan.
  • JFM debt offerings. We advised Japan Finance Organization for Municipalities on several benchmark Rule 144A/Regulation S takedown offerings of senior notes. JFM is a public sector financial institution and a key source of long-term financing to Japanese local governments.
  • Sumitomo Mitsui Trust Bank acquisition of Citi Cards Japan. We advised Sumitomo Mitsui Trust Bank on its acquisition of Citi Cards Japan, which operated Citigroup’s credit card business in Japan.
  • Higashi-Nippon Bank business integration with Bank of Yokohama. We advised SMBC Nikko Securities as financial adviser to Higashi-Nippon Bank in connection with its business integration with Bank of Yokohama. The transaction involved registration with the U.S. Securities Exchange Commission on Form F-4.
  • Comcast NBCUniversal acquisition of majority ownership of Universal Studios Japan. We provided advice to Comcast NBCUniversal on its acquisition of 51% ownership of Universal Studios Japan in a recapitalization transaction.
  • Mitsubishi UFJ Lease & Finance acquisitions of Engine Lease Finance and Beacon Intermodal Leasing. We advised Mitsubishi UFJ Lease & Finance on its $370 million acquisitions of Engine Lease Finance, an aircraft engine managing and leasing company, and Beacon Intermodal Leasing, a global marine container leasing company, from Bank of Tokyo-Mitsubishi UFJ.
  • Daikin acquisition of Goodman Global. We advised Daikin on its $3.7 billion acquisition of Texas-based Goodman Global from affiliates of Hellman & Friedman. Daikin is an Osaka-headquartered global leader in HVAC products.
  • Daiichi Sankyo acquisition of Ranbaxy by Sun Pharma. We advised Daiichi Sankyo on the $4 billion acquisition of Ranbaxy Laboratories by Sun Pharmaceutical.
  • Shionogi strategic collaboration with Egalet. We advised Shionogi in connection with a license agreement and related investment in Egalet.

Read the Tokyo Office Brochure for additional transactions.

Tokyo office professionals not identified as Gaikokuho Jimu Bengoshi are qualified under the laws of New York or other jurisdictions and working in Japan under the supervision and direction of Gaikokuho Jimu Bengoshi resident in the firm's Tokyo office.