23
Jun
日本のM&Aアップデート：次の成長フェーズへ
日本のM&A市場は歴史的な転換点にある。マージャーマーケットのデータによると、2025年の案件総額は1654億USドルと過去10年で最高水準を記録し、前年比52.5%という大幅な増加となった。一方で、コーポレートガバナンス改革や良好な資金調達環境が追い風となってカーブアウトや非公開化が前例のない規模で進み、旺盛なディール需要を支えている。他方、地政学的な潮流の変化により、サプライチェーンの自立性強化や外国資本への審査厳格化に象徴されるように、日本はより保護主義的な姿勢へと傾きつつある。本パネルでは専門家が市場の見通しと、現在のモメンタムを維持するために業界がとるべき対応について意見を共有する。
- 日本が進めるコーポレートガバナンス改革と現在の為替動向は、世界の買い手企業にとってのディールフローとバリュエーションをどのように変えつつあるのか
- 投資家は次の有望なカーブアウト及び非公開化対象案件をどう見極めるか
- 世界的なボラティリティから比較的守られていることは、日本のM&Aモメンタムをどのように後押ししているか
- 今後12〜36カ月で、地政学的リスクや外資規制強化がこのトレンドを阻害する可能性があるか
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SpeakersRyuya Shiga Japan Bureau Chief - Mergermarket Mergermarket
Masato Inuzuka Private Equity and M&A Services, Senior Vice President Marsh Japan, Inc.
Yoshi Hayashi Business Vice President, Head of Business Planning Division, Information Electronics Business Group Mitsubishi Chemical Corporation
Ryuji Tezuka Deputy Senior General Manager, Head of Business Development, Corporate Strategy Mitsubishi Electric
Atsushi Tatsuguchi Managing Director, Head of M&A Advisory Group, Investment Banking Business Unit Mitsubishi UFJ Morgan Stanley
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Ryuya Shiga is Japan Bureau Chief of Mergermarket and has been leading the M&A coverage in Japan since 2022. He has provided actionable business intelligence involved in private equity buyouts and exits, domestic and cross-border M&A, including high-profile scoops on corporate carve -out. He joined Mergermarket in 2014 and has covered industrials & chemicals, logistics, consumer and leisure sectors.
Prior to Mergermarket, he worked in Tokyo-based TV stations where he covered corporate news, stock market, and international news as a reporter and field director.
- Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arrange of warranties and indemnity insurance, for private equity and corporate clientele.
- Prior to joining Marsh, Masato has 13-year sales experience for Tokio Marine Nichido Fire, including the experience in sales planning of both cross-border and domestic M&A insurance.
【職歴】
三菱ケミカル株式会社 情報電子ビジネスグループ 事業企画本部長（現職）
1998年 ローム㈱入社 国内外のM&Aやグループ事業再編等を推進後、2010年に買収した米国企業に移籍し、PMIをリード
2015年 日本帰国と同時に ルネサスエレクトロニクス㈱ 経営企画チームに参画、構造改革やクロスボーダーM&A、PMIを執行
2021年 当社に参画 グループ事業の戦略立案、In-organic案件＆事業再生等のプロジェクトを主導
2026年 現職に就任
【学歴】
慶應義塾大学法学部卒 米コーネル大学経営大学院MBA修了
Head of Business Development, Corporate Strategy Mitsubishi Electric Corporation Ryuji Tezuka is an M&A and corporate strategy professional with comprehensive experience in driving business transformation. He joined Mitsubishi Electric Corporation in May 2025 and currently serves as the Head of Business Development within Corporate Strategy, where he focuses on global portfolio strategies to support future growth and corporate evolution.
Prior to joining Mitsubishi Electric, Mr. Tezuka had a prolonged tenure at Kao Corporation, where he established the company’s global M&A and alliance strategy framework and led the team in strategy formulation and execution. His career also includes establishing the M&A function at Konica Minolta and managing international investments and value creation for portfolio companies at Ant Capital Partners. He began his professional journey at Fujitsu followed by Vodafone, focusing on telecommunications, corporate venturing, and marketing strategy.
With a broad background spanning from ICT to the beauty industry, Mr. Tezuka has executed numerous cross-border transactions across the entire deal lifecycle—from global sourcing to post-merger integration (PMI). He is dedicated to the effective use of M&A as a strategic tool to enhance long-term corporate value.
- Atsushi Tatsuguchi is a Managing Director and Head of the Mergers & Acquisitions Advisory Group in Japan since March 2022
- Since he joined Morgan Stanley in January 2006, Atsushi Tatsuguchi has been engaged in M&A advisory services and capital markets transactions in the Investment Banking Business Unit
- Graduated from the Faculty of Environment and Information Studies, Keio University in March 1998
Representative Transactions Include
- Sale of DIC’s stake in Taiyo Holdings through privatization led by KKR (2026) (Ongoing)
- Privatization of Toyota Industries by Toyota Fudosan, Mr. Akio Toyoda, and Toyota Motor (2025) (Ongoing)
- Privatization of Shibaura Electronics by YAGEO via Tender Offer (2025)
- Privatization of Lawson by Mitsubishi Corporation and KDDI (2024)
- JIC Capital’s Acquisition of Shinko Electric through a Tender Offer and Share Repurchase (2023)
- Acquisition of JSR Corporation by JIC Capital (2023)