Mergermarket M&A Forum Japan 2023
The premier M&A forum in Japan
The Conrad, Tokyo and online
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Career History:
1986 Matsushita Electric Industrial Co., Ltd. (Current Panasonic Holdings)
1991-1997 Stationing at Panasonic U.K. as PC Factory representative
1997-2005 Stationing at Panasonic Personal Computer Company in United States
2005-2008 Vice President, Panasonic Corporation of North America
2008-2011 General Manager, IT Products Business Unit, Panasonic Corporation.
2011-2013 Director, IT Products Business Unit 2013-2015 Director of IT Products Business Division
2015-2017 General Manager, Corporate Strategy Division, Corporate HQ
2017-2020 Vice President, Connected Solutions Company
2020-2022 Senior Vice President, Connected Solutions Company
2021- Board of Directors, Blue Yonder, Inc
2022- Senior Executive Vice President / Chief Strategy Officer, Panasonic Connect
Academic background:
Mr. Harada graduated from the Kobe City University of Foreign Studies.
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.
Managing Partner, Co-Head of Japan, joined CVC in 2015. Atsushi is based in Tokyo and leads our private equity activities in Japan. He is a member of the Asia Private Equity Board and the Asia Executive Committee, a sub-committee of the APEB that oversees and drives our investment activity in the region. Prior to joining CVC, he spent over eleven years at Advantage Partners as a Senior Partner, he led Management and Leveraged BuyOut transactions. Prior to this, he worked for McKinsey & Co., Tokyo, and PricewaterhouseCoopers. Atsushi holds a Doctor of Philosophy from Colorado School of Mines, a Master of Science and a Bachelor of Engineering degree from The University of Tokyo.
Sabrina Chia is a Partner and Head of Distribution at Fusion. She is a qualified M&A lawyer with over 15 years of M&A and corporate experience. She has previously worked in various in-house roles covering different industries in multinational companies in APAC. Sabrina graduated from the National University of Singapore and is based in Singapore. She is a 2022 Insurance Business Asia Elite Women award winner.
Ayaka Fujiwara is a Climate Investment Specialist at the Green Climate Fund's (GCF) Private Sector Facility, where she has been responsible for the origination and appraisal of private sector climate projects and programs since 2018. With 13 years of experience in corporate, fixed income, and equity investments, Ayaka brings a wealth of expertise to her role.
Prior to joining GCF, she spent most of her career as an Associate Director in Daiwa Capital Markets' Tokyo headquarters and London office, where she provided fixed income investment strategy and managed transactions with institutional investors. Ayaka also worked as a corporate governance researcher in an M&A consulting firm in Myanmar.
Ayaka holds a bachelor’s degree in law from Keio University in Japan, an M.Sc. in Finance from London Business School in the UK, and is a Ph.D. candidate in Green Finance at Inha University in the Republic of Korea.
Masato Inuzuka
Marsh Japan, Inc.
Private Equity and M&A Services, Vice President
- Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arranging warranties and indemnity insurance for private equity and corporate clientele.
- Prior to joining Marsh, Masato has 11 years of sales experience for Tokio Marine Nichido Fire, including 2 years of experience in sales planning of both cross-border and domestic M&A insurance.
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.
Mr. Masamichi Kono is the Senior Advisor of MUFG Bank and a Member of the Global Advisory Board of Mitsubishi UFJ Financial Group (MUFG). He also serves as a trustee of the IFRS Foundation from July 2021.He served as the Deputy Secretary-General of the OECD from August 2017 until October 2021.
His portfolio included navigating strategic direction of OECD policy on environment, tax, trade and agriculture, along with financial and organizational affairs. He oversaw the horizontal project on Climate and Economic Resilience and initiatives on Infrastructure and Sustainable Growth. Mr. Kono represented the OECD at the Financial Stability Board.
Prior to joining the OECD, Mr. Kono was the Vice Minister for International Affairs, Financial Services Agency, Japan (JFSA) and the President of the Asian Financial Partnership Center of the JFSA.
In his capacity as the Vice Minister, he represented JFSA in various international bodies and was responsible for coordinating policies relating to international affairs for the JFSA.
During his term at JFSA, he served as the Chairman of the International Organization of Securities Commissions (IOSCO) Technical Committee from April 2011 until May 2012, and thereafter as the inaugural Chairman of the IOSCO Board until the end of his term in March 2013. He was also theCo-chair of the Financial Stability Board Regional Consultative Group for Asia from July 2013 to June 2015, and Chairman of the IFRS Foundation Monitoring Board from February 2013 to June 2016.
He has had a long career in financial supervision and the regulation of financial services, both in Japan and in the international arena, since joining the public service in 1978.
Before joining the Financial Services Agency, Mr Kono was Secretary to the WTO Trade in Financial Services Committee between 1994 and 1999, as Counsellor of the Trade in Services Division, World Trade Organization.
He also served for 4 years at the OECD Secretariat in the Economics Department, at the beginning of his career.
Mr Kono holds a B.A. in law from the University of Tokyo
Shoji Misawa serves as Executive Director and Responsible Officer at ORIX Asia Asset Management (OAAM) based in Hong Kong which is a wholly owned subsidiary of ORIX Corporation headquartered in Tokyo (ORIX). OAAM is HK SFC Type 1, 4 and 9 licensed asset management company established recently to provide professional investors with both debt and equity investment opportunities leveraging the resource of ORIX Group in Asia. Prior to OAAM, he has served as Managing Director of the climate fund management company in HK sponsored by ORIX Group and Asian Development Bank. Misawa has joined ORIX in 1988 and served a number of senior roles within ORIX Group in Japan, Hong Kong, United States and Canada. Misawa is known as the expert of structured finance and spoke at various industry events held in Japan, Hong Kong, Singapore, Thailand and France. Misawa has received his B.A. in Commerce from Doshisha University, Kyoto.
Yumiko is the former head of the OECD Tokyo Centre. Prior to the OECD, she worked for 20 years in the global financial industry, mostly as a Managing Director at Goldman Sachs in New York, London and Tokyo. She is a leading authority on a wide range of economic policy issues such as corporate governance, tax guidelines, diversity, education, trade and innovation. She sits on several Government advisory panels, including Prime Minister Kishida’s panel on “the New Form of Capitalism”. Yumiko has an MBA from Harvard Business School, MA from Stanford University and BA from Sophia University.
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
After beginning his career as a lawyer supporting startups, Ryohei Nomoto joined the KDDI Group's Supership Holdings in 2015. As the Head of Corporate Development and a subsidiary executive, he has overseen the development of company-wide strategies, M&A, business development, and policy planning. In 2019, he joined Globis Capital Partners. He is the author of "Successful Alliances: Strategy and Practice" (published by Nihon Jitsugyo Publishing) and more.
Tetsuro Onitsuka joined EQT Partners in October 2021 and is a partner in EQT’s Asian Private Capital Division, BPEA EQT.
Prior to joining EQT, Tetsu was a founding member and Managing Director of Japan Post Investment Corporation, which managed approximately USD 1 billion in private equity funds. Prior to Japan Post Investment, he worked at TPG Capital for over ten years, ultimately running TPG’s Japan business. He also previously worked as an investment banker at Morgan Stanley in Tokyo.
Tetsu received a Bachelor of Arts with High Distinction from Harvard College, and a Master of Business Administration with High Distinction (Baker Scholar) from Harvard Business School.
Ryuya Shiga is Japan Bureau Chief of Mergermarket and has been leading the coverage of M&A activities in the Japan market since 2022. He has provided actionable business intelligence involved in private equity buyouts and exits, domestic and cross-border M&A, including high-profile scoop on Toshiba, Hitachi, Olympus. He joined Mergeramrket in 2014.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.
Senior Vice President
Marsh Japan, Inc.
Hiroshi Shishikura joined Nisshin Fire and Marine Insurance in 1986 and has built his career in the insurance/risk management business since then. He was previously a division director at one of Japan's foreign insurance agencies, responsible for providing first-class services to large-sized global clients, which include large non-Japanese multinational companies operating in Japan. His responsibilities also involved the growth of overseas local, real estate, and private equity clients.
Kazuhiko is a global finance and investment expert, with particular expertise in ESG and sustainable finance.
Prior to joining Morrow Sodali, Kazuhiko was a principal advisor at S&P Global Market Intelligence (IHS Markit), providing insight and guidance on ESG to clients in APAC including Japan. Previous roles include promotion of ESG stewardship activities at Daiwa Asset Management. Earlier responsibilities in a long career include international primary markets, quants, corporate access and compliance at Daiwa Securities.
Kazuhiko has a Bachelor of Arts in Economics at Kyoto University and Master of Business Administration at the University of Chicago. He is a CFA Charterholder.
- 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)
Reiji Terasaka is a Managing Director of the Carlyle Japan buyout advisory team, and the head of the Industrial sectors team. He is based in Tokyo.
Mr. Terasaka first joined Carlyle Japan in 2003 and worked as a buyout professional for 10 years, after which he moved on to the corporate management serving several executive positions at Japan Display, Berlitz Corporation and Marelli Corporation. He returned to Carlyle in 2020. Prior to joining Carlyle, Mr. Terasaka worked at the Japanese Ministry of Finance for six years.
Mr. Terasaka currently serves on the Board of Directors at Rigaku Corporation. He received his M.B.A from Stanford Graduate School of Business where he was an Arjay Miller Scholar. He received his M.A.L.D from Fletcher School of Law and Diplomacy at Tufts University and a B.A from the University of Tokyo.
Gen Tsuchikawa heads up all venture investing activity for Sony globally as CEO of Sony Ventures Corporation.
Sony Ventures manages in excess of US$500 million in capital through four funds all under the Sony Innovation Fund umbrella, including Sony Innovation Fund, Innovation Growth Fund, Sony Innovation Fund : Environment and Sony Innovation Fund 3 L.P..
He has spent 18 years at Sony, and prior to taking this position headed Corporate Development & M&A, Business Development, and Investor Relations at Sony Headquarters. He is concurrently Corporate Vice President for Sony Group Corporation.
Before coming to Sony he spent 20 years in the finance industry in companies such as Merrill Lynch and IBJ.
He holds a BA from Hitotsubashi Univ in Japan, and an MBA from Stanford Graduate School of Business.
Eri Yamaguchi is an Executive Director in Houlihan Lokey’s Corporate Finance business and is based in the firm’s Tokyo office. With more than 15 years of experience in M&A advisory and structured finance, she engages in executing a broad range of M&A transactions in liaison with global offices.
Previously, she was an Executive Director at GCA Corporation, which was acquired by Houlihan Lokey. Prior to joining GCA, she was with GE Capital as a Strategic Account Team Leader, where she focused on underwriting and credit decisions of structured finance, including LBOs and ABLs. Eri started her career at a Japanese megabank and moved on to M&A advisory at KPMG Corporate Finance, where she managed the entire process of M&A transactions, including deal structuring and negotiation, covering a wide range of industries for both domestic and cross-border transactions.
Eri holds a B.A. from the University of Tokyo and an MBA from INSEAD.