NO&T Japan Legal Update
I. Background
Historically, Japanese banks have been reluctant to provide debt financing on a limited conditionality basis, such as is common with U.K.‐style certain funds or U.S.‐style limited conditionality in domestic transactions. The first public transaction conducted on such basis in the Japanese market was the debt financing for the acquisition of Macromill Inc, by Bain Capital which was announced in December 2013. Since the Macromill transaction, the use of Japan‐style limited conditionality in acquisition finance has been gradually increasing in domestic transactions but its use remains largely exclusive to top‐tier private equity firms that have strong bargaining power against Japanese banks. Nonetheless, finance‐out provisions are only rarely seen in acquisition agreements in similar transactions.
(December 2024)
Mami Ikebukuro, Kenji Utsumi, Makoto Saito, Shinichiro Horaguchi, Yoshihisa Watanabe (Co-author)
Hoai Tran
Kyohei Mizukoshi, Natsumi Tada (Co-author)
(November 2024)
Rintaro Hirano, Koichiro Yoshimura, Yoshimune Muraji (Co-author)
(June 2023)
Jiro Mikami, Ryo Okubo, Hiromi Hattori (Co-author)
(May 2022)
Jiro Mikami, Ryo Okubo, Hiromi Hattori (Co-author)
Yoshimune Muraji
(May 2021)
Jiro Mikami, Ryo Okubo, Hiromi Hattori (Co-author)
