Two global firms step in on $18bn chip sale

by Ryan Smith29 Sep 2017
Global firms Ropes & Gray and Morrison & Foerster have acted on the proposed $18bn acquisition of a Toshiba subsidiary to a US consortium led by Bain Capital.

The proposed acquisition concerns Toshiba Memory Corporation, a Toshiba subsidiary that develops memory chips. Toshiba, mired in scandal, was said to be at risk of being delisted on the Tokyo Stock Exchange if it didn’t agree to a sale, according to The Lawyer.

Ropes & Gray advised Bain Capital on the deal. The team was led by Japan office managing partner Tsuyoshi Imai. Imai was assisted by private equity counsel Saeko Inaba and finance counsel Ben Morris. Ropes & Gray’s Japan team was supported by Boston private equity partner Will Shield and business and securities litigation partners Randall Bodner and John Bueker.

Also acting in the deal were London-based antitrust partner Ruchit Patel and San Francisco-based Anne Johnson Palmer and Thomas Holden, The Lawyer reported.

Morrison & Foerster represented Toshiba. The team was led by Tokyo managing partner Kenneth Siegel and included partners Ivan Smallwood, Leo Aguilar, Stuart Beraha and Louise Stoupe.

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