Japan Industrial Partners-led Consortium’s ¥2 Trillion Successful Tender Offer for Toshiba Corporation

Shearman & Sterling advised Japan Industrial Partners (JIP) on its fund structuring and fundraising in connection with a JIP-led consortium’s successful tender offer for Toshiba Corporation (Toshiba). The ¥2 trillion (approximately US$14 billion) transaction makes it the largest M&A deal in Japan this year so far. Toshiba will also be delisted from the Tokyo Stock Exchange, marking a historic turning point in Toshiba’s 74-year history as a publicly listed company.

JIP is a leading firm in the Japanese corporate carve-out investment space. It was founded in 2002 to pursue investment return through corporate carve-out investments, targeting Japanese conglomerate companies that could benefit from the divestiture of their non-core businesses.

Toshiba is a leading industrial conglomerate founded in 1875 and headquartered in Japan, operating across multiple business areas including energy, infrastructure, building, retail & printing, electronic devices & storage, digital technology and batteries.