Japan Post Holdings completed a ¥843.1 billion ($7.4 billion) global offering consisting of a domestic public offering in Japan and an international offering overseas.
Japan Post Holdings is a holding company for various operating subsidiaries, including Japan Post Co., the principal postal operator in Japan, as well as Japan Post Bank and Japan Post Insurance. Banking and life insurance services are provided through Japan Post Co.’s post office network of more than 24,000 post offices, representing Japan’s largest physical network.
S&C represented Japan Post Holdings, as issuer, and the Minister of Finance, as representative of the Japanese government, as selling shareholder. S&C previously represented Japan Post Holdings and the Minister of Finance in the company’s 2015 initial public offering and 2017 follow-on offering. This latest offering completes the requirement under the Postal Service Privatization Act for the Japanese government to dispose of shares of Japan Post Holdings that exceed one-third of the total issued shares of common stock of Japan Post Holdings.
The S&C team in Tokyo included Keiji Hatano, Nirav Mehta, Adam Church and Harold Primm. In New York, Jeff Hochberg, Saul Brander and Devin Risinger advised on U.S. tax and ERISA matters.