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Clara Shirota

Partner at White & Case

Lawyer

Tokyo

Deal Bio

Total Deals21

Valued Deals18

Total Value£ 16.00 B

Avg. Deal Size£ 889 M

Market Context

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23 Jan 2018|Hong Kong|Capital Goods

Target: TRIMCO INTERNATIONAL HOLDINGS LTD

Bidder: AFFINITY EQUITY PARTNERS

8 Service Providers

1 Target | 4 Bidder | 3 Vendor

24 Dealmakers

1 Target | 8 Bidder | 15 Vendor

£ 373 M

Value

04 Sep 2019|Hong Kong|Aerospace

Target: TOPCAST AVIATION SUPPLIES COMPANY LIMITED

Bidder: PERMIRA ADVISERS LLP

7 Service Providers

3 Target | 4 Bidder

19 Dealmakers

5 Target | 14 Bidder

£ 222 M

Value

20 Dec 2019|United Kingdom|Diversified Industrials

Target: PSM INTERNATIONAL HOLDINGS LIMITED

Bidder: BULTEN

7 Service Providers

1 Target | 4 Bidder | 2 Vendor

21 Dealmakers

1 Target | 7 Bidder | 12 Vendor

£ 19 M

Value

03 Feb 2021|Japan|Cosmetics

Target: SHISEIDO (PERSONAL CARE BUSINESS)

Bidder: CVC CAPITAL PARTNERS

13 Service Providers

7 Bidder | 6 Vendor

42 Dealmakers

16 Bidder | 26 Vendor

£ 725 M

Value

06 Apr 2021|Japan|Commercial REITs

Target: INVESCO OFFICE J-REIT

Bidder: STARWOOD CAPITAL GROUP

11 Service Providers

4 Target | 4 Bidder | 3 Vendor

39 Dealmakers

4 Target | 25 Bidder | 10 Vendor

£ 2.21 B

Value

04 May 2021|United States|Media Agencies

Target: BLUEFOCUS INTERNATIONAL

Bidder: CVC CAPITAL PARTNERS

10 Service Providers

4 Target | 5 Bidder | 1 Vendor

93 Dealmakers

30 Target | 62 Bidder | 1 Vendor

n/a

Value

26 Nov 2021|United States|Pharmaceuticals

Target: ALVOGEN INC

Bidder: AZTIQ

7 Service Providers

2 Target | 5 Bidder

31 Dealmakers

15 Target | 18 Bidder

£ 405 M

Value

07 Dec 2021|Iceland|Pharmaceuticals

Target: ALVOTECH

Bidder: OAKTREE ACQUISITION CORP II

20 Service Providers

6 Target | 14 Bidder

65 Dealmakers

43 Target | 22 Bidder

£ 1.70 B

Value

01 Nov 2021|Japan|Education Services

Target: TRY GROUP

Bidder: CVC CAPITAL PARTNERS

3 Service Providers

3 Bidder

7 Dealmakers

7 Bidder

n/a

Value

21 Feb 2022|Singapore|Environmental Consulting

Target: TES ENVIROCORP

Bidder: SK ECOPLANT

5 Service Providers

1 Target | 2 Bidder | 2 Vendor

15 Dealmakers

1 Target | 10 Bidder | 4 Vendor

£ 736 M

Value

25 Nov 2022|Hong Kong|Capital Goods

Target: TRIMCO INTERNATIONAL HOLDINGS LTD

Bidder: BROOKFIELD ASSET MANAGEMENT

5 Service Providers

1 Target | 2 Bidder | 2 Vendor

29 Dealmakers

1 Target | 6 Bidder | 22 Vendor

£ 743 M

Value

10 Nov 2023|Japan|Education Services

Target: BENESSE HOLDINGS INC

Bidder: BPEA EQT

5 Service Providers

3 Target | 2 Bidder

28 Dealmakers

7 Target | 21 Bidder

£ 1.44 B

Value

15 Dec 2023|Japan|Drug Retailers

Target: SOGO MEDICAL HOLDINGS CO LTD

Bidder: CVC CAPITAL PARTNERS

7 Service Providers

1 Target | 4 Bidder | 2 Vendor

14 Dealmakers

1 Target | 12 Bidder | 1 Vendor

£ 945 M

Value

04 Jun 2024|Japan|Integrated FM

Target: NC HOLDINGS CO

Bidder: MIRI CAPITAL MANAGEMENT

2 Service Providers

2 Bidder

10 Dealmakers

10 Bidder

£ 53 M

Value

08 Aug 2024|Japan|Telecommunications Services: Other

Target: RAKUTEN MOBILE INC

Bidder: MACQUARIE ASSET MANAGEMENT

4 Service Providers

3 Bidder | 1 Vendor

36 Dealmakers

35 Bidder | 1 Vendor

£ 1.61 B

Value

13 Mar 2025|United States|Waste and Disposal Services

Target: RADIUS RECYCLING

Bidder: TOYOTA TSUSHO CORPORATION

14 Service Providers

8 Target | 6 Bidder

121 Dealmakers

45 Target | 76 Bidder

£ 1.03 B

Value

26 Jun 2025|Japan|Electronic Components and Equipment

Target: PIONEER CORPORATION

Bidder: CARUX

10 Service Providers

1 Target | 2 Bidder | 7 Vendor

54 Dealmakers

2 Target | 18 Bidder | 35 Vendor

£ 806 M

Value

30 Jul 2025|Japan|IT Services: Other

Target: FUJITEC

Bidder: EQT PARTNERS

11 Service Providers

4 Target | 7 Bidder

16 Dealmakers

16 Bidder

£ 2.02 B

Value

20 Jun 2025|Japan|Production Technology Equipment

Target: AGP CORPORATION

Bidder: MACQUARIE ( MACQUARIE ASIA-PACIFIC INFRASTRUCTURE INVESTMENT)

6 Service Providers

1 Target | 2 Bidder | 3 Vendor

11 Dealmakers

1 Target | 7 Bidder | 3 Vendor

£ 134 M

Value

10 Aug 2025|Japan|Construction Services

Target: TOYO CONSTRUCTION

Bidder: TAISEI CORPORATION

5 Service Providers

1 Target | 2 Bidder | 2 Vendor

34 Dealmakers

1 Target | 1 Bidder | 34 Vendor

£ 818 M

Value

09 Sep 2025|United States|Software

Target: NOZOMI NETWORKS INC

Bidder: MITSUBISHI ELECTRIC CORPORATION

6 Service Providers

3 Target | 3 Bidder

103 Dealmakers

3 Target | 100 Bidder

n/a

Value