Lawyers

Izumi Akai is a partner* of the Firm and co-head of S&C’s Japan practice, and is a member of the bar of the State of New York and Japan. Mr. Akai is a Japanese citizen and is fluent in both English and Japanese.

Mr. Akai started his career as a lawyer in 1982 at a law firm in Tokyo. He practiced in S&C’s New York office from 1987 to 1992. In 1996, he rejoined S&C and since then has been based in the Firm’s Tokyo office. He actively participates in the U.S. law practice of the Firm and is also available to render advice on certain matters of Japanese law. Throughout his career, Mr. Akai’s practice has involved capital markets, mergers and acquisitions, real estate and other corporate work for a number of Japanese and non-Japanese clients. Mr. Akai has actively participated in securities offerings and listings in the United States by a number of Japanese issuers. He also has been involved in acquisitions and joint ventures in and outside Japan involving Japanese companies.

Mr. Akai was named ”Dealmaker of the Year” at the ALB Japan Law Awards.

* Treated as a partner under a joint enterprise arrangement as permitted under Japanese bar rules.

Recognitions

Mr. Akai has been recognized for his practice by numerous publications, including:

• “Izumi Akai is the co-head of the firm’s Tokyo office and ‘one of the most knowledgeable lawyers in the country when it comes to the US capital markets,’ according to sources.” Chambers Asia 2015
• “Peers note that Izumi Akai is ‘obviously very experienced and respected.’ He has significant experience advising Japanese companies on US law on capital markets transactions.” Chambers Asia 2014
• “Izumi Akai is a top-class lawyer who leads the firm’s Japan capital markets practice. One source said: ‘He is one of the few lawyers based in Japan who can give real strategic legal advice.’” Chambers Asia 2013
• “Izumi Akai is co-head of the Tokyo M&A practice, and his knowledge of US law is said to put him in ‘a category all by himself.’” Chambers Asia 2013

Capital Markets

• Chambers Asia-Pacific – Band 1 lawyer – Capital Markets: International: US Law (2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018)
• Client Choice International (2013)
• International Dealmaker of the Year at ALB Japan Law Awards (2008, 2010, 2017)
• Asialaw Leading Lawyers (2003, 2005, 2006, 2008, 2009, 2010, 2011, 2012, 2013) in Capital Markets and Corporate Finance
• Asian Legal Business (2006, 2007, 2008, 2010) among the ALB Hot 100
• The Best Lawyers in Japan (2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017)
• Chambers Global (2000-2001, 2001-2002, 2002-2003, 2003, 2004-2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018)
• Euromoney’s Guide to the World’s Leading Capital Markets Lawyers (2002, 2003, 2005, 2007, 2006, 2009, 2011, 2012, 2013)
• IFLR1000 (2008, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018)
• Who’s Who Legal: Capital Markets (2005, 2006, 2007, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016)
• Lawyer Monthly Capital Markets Advisor of the Year, Japan (2011)
• Legal 500 Asia Pacific (2009-2010, 2010-2011, 2011-2012, 2012, 2013, 2014, 2015, 2016, 2017, 2018)
• PLC Capital Markets multi-jurisdictional guide (2012)
• PLC Cross-border Capital Markets Handbook (2008, 2009, 2011, 2012)
• PLC Global Counsel Equity Capital Markets Handbook (2004-2005)
• PLC Which Lawyer? Yearbook (2001-2002, 2002-2003, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012)

Corporate/M&A

• Chambers Global (2004-2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015)
• Chambers Asia-Pacific (2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017)
• IFLR1000 (2008, 2010, 2011, 2012, 2013, 2014, 2015, 2016)
• PLC Cross-border Mergers and Acquisitions Handbook/PLC Global Counsel Mergers & Acquisitions Handbook (2004-2005, 2005, 2006-2007, 2007-2008, 2008-2009, 2009-2010, 2010‑2011, 2011-2012)
• PLC Which Lawyer? Yearbook/Global Counsel 3000 (2003-2004, 2005, 2006, 2007, 2008, 2009, 2011, 2012)

Banking & Finance

• Asialaw Leading Lawyers (2012) in Banking
• Chambers Global (2001-2002, 2002-2003)
• Euromoney’s Guide to the World’s Leading Banking Lawyers (2005, 2007, 2009, 2011, 2012, 2013)

Education

1987, University of Chicago Law School, LL.M.
1980, University of Tokyo, LL.B.

SELECTED REPRESENTATIONS

Capital Markets
In the capital markets area, Mr. Akai has extensive experience in advising securities offerings and listings in the United States of a number of Japanese companies. His experience includes:

• U.S. counsel to SG Holdings Co., Ltd. in its $1.02 billion global IPO in 2017
• U.S. counsel to the underwriters in a $207.9 million global IPO of ARUHI Corporation in 2017
• U.S. counsel to the underwriters in a $135.3 million follow-on global offering in 2017, in a $265.9 million follow-on global offering in 2016, in a $163.5 million follow-on global offering in 2015, in a $198 million follow-on global offering in 2014, in a $326 million follow-on global offering in 2013 and in the $1.2 billion global IPO in 2012 of Activia Properties, Inc.
• U.S. counsel to Goldman Sachs Japan, who acted as placement agent and financial adviser to Toshiba Corporation in its $5.33 billion private placement of 2,283,105,000 new shares in the form of a third party allotment to institutional investors outside of Japan in reliance on Regulation S in 2017
• U.S. counsel to the underwriters in a $375.8 million follow-on global offering of its common stock in 2017 and in a $246.9 million global IPO in 2015 of Tsubaki Nakashima Co., Ltd.
• U.S. counsel to the respective issuers and selling shareholders for (1) a $11.6 billion follow-on global offering of its common stock of Japan Post Holdings in 2017 and (2)(a) an approximately $5.8 billion IPO of Japan Post Holdings, (b) an approximately $5.0 billion IPO of Japan Post Bank, a Japan Post Holdings’ banking subsidiary, and (c) an approximately $1.2 billion IPO of Japan Post Insurance, a Japan Post Holdings’ life insurance subsidiary, completed in 2015, respectively
• U.S. counsel to Softbank Group Corp. in its multi-tranche U.S. dollar-denominated perpetual subordinated hybrid notes offering in 2017 (two tranches of notes of $2.75 billion in non-call 6 resettable notes and $1.75 billion in non-call 10 resettable notes), in its $6 billion multi-tranche senior notes offering in 2017 and in its $4.5 billion multi-tranche senior notes offering in 2015
• U.S. counsel to Nippon Prologis REIT, Inc. in a $295.3 million global offering in 2017, in a $116 million global offering and in a $215.41 million global offering in 2016, in a $370 million  global offering in 2014, in a $761 million follow-on global offering in 2013 and in a $1.08 billion global IPO
• U.S. counsel to the underwriters in a $500 million senior notes offering in 2017 and in a $3.1 billion global equity offering of Mitsui Fudosan Co., Ltd. in 2014
• U.S. counsel to the underwriters in a $1.115 billion global equity offering in 2017 and in a $1 billion global equity offering in 2006 of Idemitsu Kosan Co., Ltd.
• U.S. counsel to the underwriters in a $2.9 billion global equity offering in 2017 of Renesas Electronics Corporation
• U.S. counsel to Daiwa Securities Group in its $1 billion global notes offering in 2017
• U.S. counsel to Japan Retail Fund Investment Corporation in its $217 million global equity offering in 2017, $202 million global equity offering in 2015 and its other nine global equity offerings since 2003, raising a total of more than $3 billion in equity capital
• U.S. counsel to Industrial & Infrastructure Fund Investment Corporation in its $194 million global equity offering in 2017, in a $95 million global equity offering in 2015, in a $70 million global equity offering in 2014, in a $120 million global equity offering in 2013 and in a $250 million global equity offering in 2012
• U.S. counsel to the underwriters in a $4 billion global IPO of Kyushu Railway Company in 2016
• U.S. counsel to the underwriters in a $2.2 billion follow-on global offering in 2016 and in a $1.8 billion global IPO in 2014 of Recruit Holdings Co., Ltd.
• U.S. counsel to the underwriters in a $299 million follow-on global offering in 2016, in a $187 million follow-on global offering in 2015, in a $311 million follow-on global offering in 2014, in a $229 million follow-on global offering in 2013 and in a $1.32 billion global IPO in 2012 of GLP J-REIT
• U.S. counsel to the underwriters in a $2.5 billion hybrid notes offering in 2016, in a $1 billion hybrid notes offering in 2014, in a $2.4 billion global offering of common stock in 2014, in a $1.3 billion hybrid notes offering in 2011, and in an $11.2 billion global IPO in 2010 of Dai-ichi Life Insurance Company, Limited
• U.S. counsel to the underwriters in a $199.5 million follow-on global offering in 2016 and in a $257 million follow-on global offering of Mori Hills REIT Investment Corporation in 2014
• U.S. counsel to Central Japan Railway Company in its $300 million senior notes offering in 2015
• U.S. counsel to the underwriters in a $639 million global IPO of Dexerials Corporation in 2015
• U.S. counsel to the underwriters in an approximately $2.4 billion global offering of common stock of Sony Corporation in 2015
• U.S. counsel to Rakuten, Inc. in its approximately $1.53 billion follow-on global offering of its common stock in 2015
• U.S. counsel to the underwriters in a $193 million global offering of investment units of Daiwa Office Investment Corporation in 2015
• U.S. counsel to the underwriters in a $1.2 billion follow-on global offering of common stock of SUMCO CORPORATION in 2015
• U.S. counsel to the underwriters in a $595 million global follow-on offering in 2015 and a $613 million global IPO in 2014 of Skylark Co., Ltd.
• U.S. counsel to Nomura Holdings, Inc. in a $1 billion SEC-registered note offering in 2014, in a $1.5 billion SEC registered notes offering in 2013, in a $1.25 billion SEC registered notes offering in 2011, in a $3.0 billion SEC-registered notes offering in 2010, and in $5 billion and $2.8 billion global equity offerings in 2009
• U.S. counsel to Japan Display Inc. in its $3.14 billion global IPO in 2014
• U.S. counsel to the underwriters in a $745 million global equity offering of Kobe Steel, Ltd. in 2014
• U.S. counsel to the underwriters in a $667 million global IPO and in a $171 million follow-on global offering of Hulic REIT, Inc. in 2014
• U.S. counsel to the underwriters in a $2.4 billion global equity offering of Mitsubishi Motors Corporation in 2014
• U.S. counsel to Japan Tobacco Inc. (“JT”) and the Minister of Finance of Japan in JT’s $7.8 billion global equity offering and U.S. counsel to JT in its $500 million senior notes offering in 2013
• U.S. counsel to the underwriters in a $1.3 billion global equity offering of Daiwa House Industry Co., Ltd. in 2013
• U.S. counsel to the underwriters in a $1.3 billion global equity offering of Dentsu Inc. in 2013
• U.S. counsel to the underwriters in a $3.86 billion global IPO of Suntory Beverage & Food Limited in 2013
• U.S. counsel to the underwriters in a $1.68 billion global IPO of Nomura Real Estate Master Fund, Inc. in 2013
• U.S. counsel to Daiwa House REIT Investment Corporation in its $626 million IPO in 2012
• U.S. counsel to the underwriters in a $2 billion “hybrid” notes offering of Nippon Life Insurance Company in 2012
• U.S. counsel to Japan Airlines Co., Ltd. (JAL) in its $8.5 billion global IPO in 2012.  S&C represented JAL and Enterprise Turnaround Initiative of Japan (ETIC), a government-sponsored entity tasked with supporting financially distressed companies, on the international offering
• U.S. counsel to Takeda Pharmaceutical Co., Ltd. in its $3 billion notes offering in 2012
• U.S. counsel to Mitsui Sumitomo Insurance Company, Ltd. in its $1.3 billion “hybrid” notes offering in 2012
• U.S. counsel to the underwriters in the $2.25 billion global IPO of Otsuka Holdings, Inc. in 2010
• U.S. counsel to INPEX Corporation in its $6.0 billion global equity offering in 2010
• Other significant capital market transactions, including, among many others, global equity offerings by Nexon, Elpida Memory, Nippon Sheet Glass, Mizuho Financial Group, Hitachi, Ltd., All Nippon Airways Co., Ltd., Sony Financial Holdings, Universal Studios Japan, Seven Bank and Aeon Co., Ltd. and privatizations by J-Power, Japan Tobacco, NTT, Central Japan Railway Company and West Japan Railway Company

Acquisitions
In the acquisitions area, Mr. Akai has actively participated in acquisitions and joint ventures in and outside Japan involving Japanese companies. Highlights of his M&A work include:
 

• Advised D.A. Consortium Inc. in its acquisition of IREP Co., Ltd. in 2016
• Advised Kyocera Corporation in its acquisition of Nihon Inter Electronics Corp. in 2016
• Advised Nippon Steel & Sumitomo Metal Corp. in its acquisition of Nippon Steel & Sumikin Texeng.Co., Ltd. in 2015
• Advised Nippon Steel & Sumitomo Metal Corp. in its acquisition of Suzuki Metal Industry Co., Ltd. in 2015
• Advised Nomura Real Estate Holdings, Inc. in its acquisition of Megalos Co., Ltd. in 2015
• Advised Panasonic Corp. in its acquisition of Panasonic Information Systems Co., Ltd. in 2015
• Advised Toyota Tsusho Corporation in its acquisition of Tomen Electronics Corporation through a tender offer
• Advised Kiyo Holdings, Inc. in its merger with its consolidated subsidiary, Kiyo Bank, Ltd.
• Advised Nippon Steel & Sumitomo Metal Corp. in its $139 million acquisition of Sumitomo Pipe & Tube Co., Ltd.
• Advised Nippon Steel Trading Co., Ltd. in its $1,409 million acquisition of Sumikin Bussan Corp.
• Advised Hitachi Metals, Ltd. in its $269 million acquisition of Hitachi Cable, Ltd.
• Advised Osaka Securities Exchange Co., Ltd. in its $1.1 billion merger with Tokyo Stock Exchange Group, Inc.
• Advised Hitachi Metals, Ltd. in its $146 million acquisition of Hitachi Tool Engineering Ltd. in 2012
• Advised Nippon Steel Corporation in its $22 billion merger with Sumitomo Metal Industries, Ltd. in 2012
• Advised Tokio Marine Holdings, Inc. in its $2.7 billion acquisition of Delphi Financial Group, Inc. in 2012
• Advised Kubota Corporation in its $280 million acquisition of Kverneland ASA (Norway) in 2012
• Advised Panasonic Corporation in its $9.7 billion acquisition of the outstanding minority interests in its subsidiaries SANYO Electric Co., Ltd. and Panasonic Electric Works Co., Ltd. in 2011
• Advised Sumitomo Trust & Banking Co., Ltd. in its $9.1 billion consolidation with Chuo Mitsui Trust Holdings Inc. in 2011
• Advised Mitsui Sumitomo Insurance Group Holdings in $5.8 billion acquisition of Aioi Insurance and Nissay Dowa General Insurance in 2010
• Advised Tokio Marine Holdings in its $4.7 billion acquisition of Philadelphia Consolidated Holding in 2008
• Advised Advantage Partners LLP in its $2.2 billion acquisition of Tokyo Star Bank Ltd. in 2008
• Advised Mitsukoshi Ltd. and Isetan Co., Ltd. in their $3.8 billion merger in 2008
• Advised Mitsubishi Tokyo Financial Group, Inc. in its $29 billion merger with UFJ Holdings in 2005
• Other significant mergers and acquisitions, including, among many others, FC Residential/Ichigo Real Estate, Crescendo Investment/Japan Single-residence REIT, Unicharm/Unicharm PetCare, Japan Retail Fund Investment/LaSalle Japan REIT, Nomura Trust & Banking Co./NikkoCiti Trust and Banking Corp., Eisai/MGI Pharma, Takeda Pharmaceutical/Amgen, Nippon Steel/ArcelorMittal, Hoya/Pentax, Mitsui & Co. (USA)/Steel Technologies, Nippon Oil/Nippon Mining, Daimaru/Matsuzakaya and Eisai Corp. of America/Morphotek