Source: Law360, The Deal
A Pillsbury team led by Tokyo-based Finance partner Olivia Matsushita represented Japanese information and health technology giant Hoya Corp. in its proposed investment in a consortium led by Boston’s Bain Capital to purchase Toshiba’s flash memory chip business. The $17.8 billion deal includes a 27 billion-yen commitment from Hoya Corp.
The proposed transaction involves Toshiba selling the shares of Toshiba Memory Corp. to K.K. Pangea, a special purpose acquisition company sponsored by Bain. In addition to Hoya Corp., the group of investors includes South Korean chipmaker SK Hynix Inc., U.S. technology firms Apple and Dell, flash memory producer Kingston Technology Corp. and data storage company Seagate Technology plc.
According to Law360, the transaction is subject to antitrust and national security approval, absence of government prohibition of the share sale and shareholder approval from Toshiba’s investors. Toshiba expects to be able to close the deal by end of March 2018.
The Pillsbury deal team includes New York-based partner Jonathan Russo and senior associate, Matthew Kane, San Diego-based partners Mike Hird and Richard Segal, Washington D.C.-based partners Michael Sibarium and Nancy Fischer, and Tokyo-based senior associate Masao Kasatsugu.