Mori Hamada's banking practice is another local law favourite of corporates and international lawyers: "Any time that Japanese law is required we use them," says one client at a major private equity firm.
DealsLast year Takahiro Kobayashi advised Softbank on the ¥90 billion ($1....
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Mori Hamada's banking practice is another local law favourite of corporates and international lawyers: "Any time that Japanese law is required we use them," says one client at a major private equity firm.
Deals
Last year Takahiro Kobayashi advised Softbank on the ¥90 billion ($1.15 billion) acquisition finance of the Fukuoka Yahoo! JAPAN Dome. The transaction was a headline grabber and involved a number of peculiarities. In one example, the trust was required to be maintained, with the beneficial interest corresponding to the hotel and shopping mall remaining with the seller. It is rare that the seller of one separated beneficial interest and the purchaser remain beneficiaries of the same trust. In addition, financing to the borrower has used a non-recourse loan finance structure.
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Mori Hamada has a strong capital markets team, with peers recognising a number of partners for their expertise: Kensuke Ambe as well as senior partner Toru Ishiguro are the most well known, although the latter is likely to take on a more managerial role in the firm. A number of competitors also speak of Katsumasa Suzuki who, they say, "is developing a high profile"....
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Mori Hamada has a strong capital markets team, with peers recognising a number of partners for their expertise: Kensuke Ambe as well as senior partner Toru Ishiguro are the most well known, although the latter is likely to take on a more managerial role in the firm. A number of competitors also speak of Katsumasa Suzuki who, they say, "is developing a high profile".
Deals
A major equity transaction for the team last year was the $1 billion issuance of new shares and convertible bonds by Elpida Memory. Toru Ishiguro advised the global coordinators Morgan Stanley and Daiwa Securities Capital Markets.
On a first of its kind transaction SFJ Capital, a segregated portfolio company (SPC) and subsidiary of Softbank Corporation, one of the major mobile carriers and IT companies in Japan, issued ¥200 billion ($2.5 billion) of preferred securities to Japanese investors in a registered public offering. Ishiguro and Katsumasa Suzuki advised Softbank Corporation and its SPC.
Suzuki also advised AEON Credit Service on a number of issuances of zero coupon convertible bonds due 2016 and 2017 valued at ¥30 billion.
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The firm is listed among those "most active" in structured finance and securitisation, with the team seeing some activity especially in the mortgage-backed securities field. Masanori Sato in particular is highly regarded....
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The firm is listed among those "most active" in structured finance and securitisation, with the team seeing some activity especially in the mortgage-backed securities field. Masanori Sato in particular is highly regarded.
Deals
Takahiro Kobayashi and Akira Marumo advised Softbank Mobile on its acquisition of Vodafone Japan. The deal involved significant securitisation work because the refinancing for the funds procured by Softbank Mobile associated with the acquisition of Vodafone came through a whole business securitisation in 2006. The complex WBS financing was fully paid by the completion of the transaction in July 2011.
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Mori Hamada remains a "top choice" in the market, says a competitor, highlighting the firm's possibly unparalleled team depth. A client, while recognising that the level among the "Big Four" Japanese firms is rather homogeneous, says that Mori Hamada & Matsumoto satisfies high level of expectations: "they are the most reliable Japanese law firm with highly skilful lawyers," says a client....
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Mori Hamada remains a "top choice" in the market, says a competitor, highlighting the firm's possibly unparalleled team depth. A client, while recognising that the level among the "Big Four" Japanese firms is rather homogeneous, says that Mori Hamada & Matsumoto satisfies high level of expectations: "they are the most reliable Japanese law firm with highly skilful lawyers," says a client.
"Hajime Tanahashi worked with us on several deals. He is very detailed and practical. He and the team try to figure out the solutions, not just stating legal requirements to help us get through the deals. They are proactive and deal oriented," says a client.
Among the other names, Gaku Ishiwata is held in high regard: "This is an impressive lawyer, the more we work with him, the more he impresses," says a lawyer with another firm. "Very impressive lawyer, I really liked his work," says another.
Deals
On one of the key transactions of the year, the firm advised Bain Capital on its $2.1 billion buyout of Skylark. The US based private equity firm, agreed to acquire a 98.7% stake in Skylark, the Japan based restaurant chain operator in the largest buyout by a private equity firm in Japan since the financial crisis.
Gaku Ishiwata's team meanwhile advised Unison Capital on its $584 million acquisition of Asahi Tec. This was an innovative transaction involving both a private acquisition of preferred shares from principal shareholders as well as two successive Japanese tender offers in order to acquire outstanding common shares from the principal shareholders and minority shareholders with different process, respectively.
On the outbound front, the team advised Kubota, a listed Japan-based heavy equipment maker, on its ¥21.1 billion ($265 million) acquisition of Kverneland, a Norway-based tractor implement manufacturer, by way of TOB through Kubota's wholly owned subsidiary in Norway.
The team also advised Nisshinbo Holdings on its acquisition of TMD Friction Holdings from Pamplona Capital Partners, the UK based fund of Pamplona Capital Management, the UK based venture capital firm, for a consideration of €440 million.
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