Mergermarket M&A Forum Japan 2023
The premier M&A forum in Japan
The Conrad, Tokyo and online
29
Jun
Keynote Panel: Japanese M&A update: Navigating the turmoil
The Japanese M&A market continues to show promise, with 3,380 deals recorded in 2022 according to Dealogic – the highest volume since 2008. Despite geopolitics, trade tensions, favourable rates, and inflationary pressures, acquirors of Japanese assets can still rely on reasonable valuations, favourable exchange rates, and continued deal flow from the disposal of non-core businesses. However, for outbound transactions, Japanese companies are remaining on the sidelines, for now. Our panel of experts will discuss.
- What investment themes and economic trends will drive Japanese M&A in the next 12 months?
- Domestic M&A: Will deals between Japanese companies continue post-pandemic?
- Outbound M&A: Where and what is Japan Inc. buying?
- Inbound M&A: How much M&A activity will we see and what are the factors in Japan’s favour
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SpeakersRyuya Shiga Japan Bureau Chief - Mergermarket MERGERMARKET
Muneyuki Shirai Managing Director, Head of M&A Advisory Department SBI SECURITIES
Takashi Niwa Executive Director, Strategic Growth & Investment FUJITSU
Atsushi Tatsuguchi Managing Director, Head of M&A Advisory Group, Investment Banking Business Unit MITSUBISHI UFJ MORGAN STANLEY
Akihiro Kido Joint Head of Products Business Division, Head of Global Advisory MIZUHO SECURITIES CO.,LTD.
Yoshinobu Agu Managing Director, Head of M&A Division CITIGROUP GLOBAL MARKETS
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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.
Shirai-san started professional career at Mitsui Sumitomo Banking corporation, engaged in corporate finance and structured finance. He joined M&A team at Daiwa Securities and since then focused on M&A execution and origination in various sectors including industrials, chemicals, energy and consumer products.
In 2020, Shirai-san joined SBI securities, and led the M&A advisory team.
Joined Fujitsu in 2020, and since then, leading the M&A team of the group. Before joining Fujitsu, engaged in audit at Chuo Aoyama PricewaterhouseCoopers, then in M&A advisory / Investment Banking business at Nomura and Morgan Stanley
BA in Economics, Hitotsubashi University
- 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
- M&A Advisory
- MBK Partners' Sale of Accordia Next Golf to Fortress (2021)
- Bain Capital-Led Consortium’s Acquisition of Hitachi Metals Through a Tender Offer and Share Repurchase (2021) (Ongoing)
- Blackstone’s Acquisition of Takeda Consumer Healthcare Company (2020)
- Merger between Z Holdings and LINE (2019)
- Bain Capital’s Acquisition of HR Management Software Business from Works Applications (2019)
- TMC Holdings‘s Issuance of JPY300.0Bn Non-Convertible Preferred Shares to Development Bank of Japan through a third-party allotment (2019)
- PHCHD's Acquisition of LSI Medience in Stock-for-stock Transaction (2019)
- Yahoo Japan’s Issuance of New Shares Through a TPA to SBKK and Acquisition of its Shares by Self-Tender Offer (2019)
- Yahoo Japan’s repurchase of its 10.7% shares from SoftBank Group Japan (a wholly owned subsidiary of SoftBank Group) through a self-tender offer and SoftBank Corporation’s acquisition of 10.8% shares in Yahoo Japan from Altaba through a tender offer (2018)
- Bain Capital’s acquisition of Asatsu-DK (2017)
- Bain Capital and SK hynix Consortium’s acquisition of Toshiba Memory (2017)
- KKR’s acquisition of Hitachi Koki (2017)
- Mitsubishi UFJ Trust and Banking Corporation’s acquisition of UBS Global Asset Management alternative fund services business (2015)
- Advisor of Deposit Insurance Corporation of Japan on Resona’s formulation of Public Funds Full Repayment Plan (2013)
- ORIX’s acquisition of 90.01% stake in Robeco Groep N.V (EUR1,935 MM) (February 2013)
- BTMU and MUS Holdings’ buy-out of 49% stakes in Mitsubishi UFJ Merrill Lynch PB Securities (USD478 MM) (2012)
- Merger between Tokyo Stock Exchange Group and Osaka Securities Exchange (2011)
- Establishment of Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG (2010)
- MUFG’s USD9.0 Bn investment in Morgan Stanley (MS side) (2008)
- Transaction by BTMU to make UnionBanCal Corp its wholly-owned subsidiary (2008)
- Transaction by Mitsubishi UFJ Financial Group to make Mitsubishi UFJ Securities a wholly-owned subsidiary (2007)
- Capital Markets
• Joint bookrunner for Mitsubishi UFJ Trust Bank’s senior debt offering (USD1.25 Bn) (October 2015)
• Joint bookrunner for Mitsubishi UFJ Trust Bank’s senior debt offering (USD1.5 Bn) (October 2014)
• Issuance of Series 1 Class A / B Specified Bonds by Meiji Yasuda Life 2012 Fund Special Purpose Company (JPY100 Bn) (2012)
• Meiji Yasuda Life’s issuance of JPY50.0 Bn of Series 1 specified bonds (secured) for Meiji Yasuda Life 2011 Fund Special Purpose Company (2011)
• MUFG’s global offering of common stock (JPY417.0 Bn) (2009)
• IPO by Seven Bank (2008)
• Sumitomo Mitsui Financial Group’s global offering of USD / GBP-denominated preferred securities (approx. JPY300.0 Bn) (2006)
• Principal investment in convertible preferred stock issued by Bank of the Ryukyus (JPY3.0 Bn) (2006)
Kido has been engaged in advising M&A transactions since 2003 across a variety of industries including food & beverage, retail, paper, oil & gas, pharmaceutical, steel & metals, and leasing.
Selected Transactions:
Showa Shell on its share exchange by Idemitsu, Chubu Electric Power on its company split with Tokyo Electric Power of their thermal power generation business to JERA, Maxvalu Kanto on its share transfer with Kasumi and Maruetsu to establish U.S.M.H, Universal Shipbuilding Corp on its merger with IHI Marine United, Nishimatsu Construction on its self-tender offer, Carlyle on its acquisition of Orion Beer with Nomura Capital Partners, Kobe Steel on its 50% share acquisition of Ulsan Aluminum (Korea) from Novelis,
Tokyo Century on its 50% share acquisition of leasing business of NTT Finance, its acquisition of CSI Leasing (USA) , its 20% share acquisition of Yoma Fleet(Myanmar) and 14.9% share acquisition of Advantage Partners(HK), JFE Shoji Trade America on its acquisition of Kelly Pipe (USA) , Lotte on its acquisitions of Guylian (Belgium) and E.Wedel (Poland), Aeon on its tender offers for the shares of Origin Toshu, Diamond City, and CFS, Fujitsu on its sale of Hard Disk Drive business to Toshiba, FX Prime on its sales through tender offer by GMO Internet, and Magaseek on its sales through tender offer by NTT Docomo.
Kido received a B.A. in Economics from the University of Tokyo, an MBA from Oxford University, a Master in Finance from London Business School, a Management of Technology from the Tokyo University of Science.
Yoshinobu Agu is the Head of M&A at Citigroup Global Markets Japan Inc. He also has senior coverage responsibilities for clients including financial sponsors, real estate companies, public sector clients, etc. He has worked on various M&A advisory roles in various sectors/industries, including both cross-border transactions in various geographies, as well as domestic transactions and restructuring deals. He joined Citi in 1998 after working for Nikko Securities. He holds a BA from the School of Commerce at Waseda University and MBA from Boston University.