Sullivan & Cromwell regularly ranks as the leading law firm for U.S. and non-U.S. securities offerings, and this expertise is mirrored by its well-regarded work in Japan.

Recent highlights include representing:
  • The underwriters to Activia Properties Inc. in its ¥15.3 billion ($135.3 million) global offering of investment units. S&C also represented the underwriters to Activia Properties Inc. in its ¥98.6 billion ($1.2 billion) IPO in 2012 and subsequent follow-on global offerings of investment units.
     
  • The underwriters to ARUHI Corporation in its ¥23.5 billion ($207.9 million) global IPO and Tokyo Stock Exchange listing.
     
  • The underwriters to GLP J-REIT in its ¥60.1 billion ($563 million) follow-on global offering of investment units, which was the largest equity offering by a J-REIT in Japan year-to-date in 2018. S&C also represented GLP J-REIT in its ¥110.9 billion ($1.34 billion) IPO in 2012 and subsequent follow-on global offerings of investment units.
     
  • The underwriters to Idemitsu Kosan Co. Ltd. in its ¥125 billion ($1.1 billion) follow-on global offering of common shares.
     
  • Industrial & Infrastructure Fund Investment Corporation in the ¥35.7 billion ($317.4 million) follow-on global offering of its investment units. S&C also represented Industrial & Infrastructure Fund Investment Corporation in previous follow-on global offerings of investment units.
     
  • Japan Post Holdings Co. Ltd. in the ¥1.3 trillion ($11.6 billion) follow-on global offering of its common shares.

    This follow-on equity offering was the largest equity offering in Japan in 2017.
     
  • Japan Post Holdings Co. Ltd. and its subsidiaries, Japan Post Bank Co. Ltd. and Japan Post Insurance Co. Ltd., in the ¥1.44 trillion ($12 billion) triple global IPO and listing on the Tokyo Stock Exchange.

    This was the largest IPO in Japan this century and the largest privatization in Japan since Nippon Telegraph & Telephone Corp. in 1987.

    This offering was also awarded “IPO of the Year” by The Asian Lawyer.
     
  • The underwriters to Mitsui Fudosan Co. Ltd. in the $300 million global offering of notes and previously in the $500 million global offering of notes. The $500 million offering was the first non-Japanese Yen-denominated notes offering made by Mitsui Fudosan.
     
  • Nippon Prologis REIT Inc. in its ¥27.6 billion ($258.3 million) follow-on global offering of its investment units. S&C also represented Nippon Prologis REIT Inc. in its ¥100.3 billion ($1.08 billion) IPO in 2013 and subsequent follow-on global offerings of investment units.
     
  • The underwriters to Renesas Electronics Corporation in its ¥332 billion ($2.9 billion) global offering of common shares in 2017 and its ¥284 billion ($2.6 billion) follow-on global offering of common shares in 2018.
     
  • SG Holdings Col., Ltd. in its ¥127 billion ($1.12 billion) global IPO and Tokyo Stock Exchange listing.

    This IPO was the largest IPO in Japan in 2017.
     
  • SoftBank Corp. in its $4.5 billion offering of high-yield notes and subsequent $6.0 billion multi-tranche offering of senior notes.

    The $4.5 billion offering was the largest non-investment-grade perpetual bond offering by any issuer to date.

    The $6.0 billion offering was the largest international bond offering by a Japanese issuer and the largest non-investment-grade bond offering in the world in 2017.
     
  • The underwriters to TechnoPro Holdings in the ¥12.3 billion ($117 million) follow-on offering of common shares.
     
  • A placement agent/financial advisor to Toshiba Corporation in its ¥600 billion ($5.33 billion) private placement of common shares.

    This private placement won "Equity Market Deal of the Year" by Asian Legal Business Japan Law Awards.
     
  • The underwriters to Tsubaki Nakashima in its ¥42.3 billion ($375.8 million) follow-on global offering of common shares. S&C also represented the underwriters to Tsubaki Nakashima in its ¥29.9 billion ($246.9 billion) IPO in 2015.
     
  • Yakult Honsha Co. Ltd. in its ¥139.9 billion ($1.3 billion) follow-on global offering of common shares.

S&C has also advised many of the most significant domestic and cross-border M&A transactions involving Japanese companies. Recent highlights include representations of:
  • Alibaba Group Holding Limited (China), in its joint venture with SoftBank (Japan) and Foxconn Technology Group (Taiwan), under which Alibaba will invest ¥14.5 billion in SoftBank Robotics Holdings Corp. (Japan).
     
  • Nippon Steel &Sumitomo Metal Corporation in its ¥75.97 billion ($667.7 million) acquisition of 51% of Nissin Steel Corporation and its pending acquisition of 100% of Nisshin Steel.
     
  • Obayashi Corporation in its in its ¥24.7 billion ($220.9 million) acquisition of Obayashi Road Corporation
     
  • Panasonic Corporation in its ¥202.3 billion ($18.5 billion) cash tender offer for shares of PanaHome Corporation.
     
  • Takeda Pharmaceutical Company in its pending acquisition of Shire plc.
     
  • Terumo Corporation (Japan) in its $1.12 billion acquisition from Abbott Laboratories (U.S.) and St. Jude Medical, Inc. (U.S.) of certain assets and liabilities related to St. Jude Medical, Inc.'s Angio-Seal and FemoSeal vascular closure product lines and all of the stock of Kalia Medical, Inc.