Linklaters has advised the financing banks on Bain Capital’s US$18 billion acquisition of Toshiba Memory – the largest leveraged buyout deal in Asia to date.
The firm acted as lead counsel to Sumitomo Mitsui Banking Corporation, MUFG Bank and Mizuho Bank, as mandated lead arrangers on the ¥600 billion (US$5.41 billion) senior facilities for Bain Capital’s acquisition of Toshiba Memory, the world’s second-largest producer of NAND flash memory chips.
Bain Capital’s consortium consisted of Apple, Seagate, Kingston, Hoya, Dell Technologies and SK hynix. The transaction was valued at ¥2 trillion, the largest leveraged buyout deal in Asia to date and also the largest Japanese inbound deal to date.
The Linklaters team was cross-jurisdictional and multi-practice, led by Zenya Onishi, banking counsel of Linklaters Tokyo, and Davide Mencacci, banking partner of Linklaters Hong Kong. The team was supported by banking associates Masakazu Sekita, Daniel Senger and Kana Hayashi, as well as members of the firm’s litigation, competition and corporate teams.