Awards & Rankings
International Financial Law Review hailed Pillsbury for its role in the publication’s Asia-Pacific Private Equity Deal of the Year at IFLR’s recent Asia-Pacific Awards ceremony on March 7 in Hong Kong. The firm was honored for its representation of Japanese information and health technology leader Hoya Corp.—a member of the Bain Capital-led consortium that purchased Toshiba’s flash memory chip business for nearly $18 billion—in the award-winning transaction.
The IFLR Asia-Pacific Awards celebrate the region’s most innovative cross-border deals, regardless of deal size or profile. This latest award cements the transaction’s status as one of the most complex and innovative to be executed in 2018, having been previously recognized by The Asian Lawyer as the M&A Deal of the Year: North Asia and shortlisted for similar recognitions at both The Deal's US and European awards programs.
The complex deal involved Toshiba selling its shares of Toshiba Memory Corp. to K.K. Pangea, a special purpose acquisition company sponsored by Bain. In addition to Hoya Corp., investors included 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. The transaction officially closed in March 2018.
The Pillsbury team advising on the matter was led by Tokyo-based Finance partner Olivia Matsushita and included New York-based partner Jonathan Russo, 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.