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Jonathan Stradling

Partner at Simpson Thacher & Bartlett

Lawyer

Tokyo

Deal Bio

Total Deals32

Valued Deals19

Total Value£ 58.03 B

Avg. Deal Size£ 3.05 B

Market Context

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06 Nov 2018|United States|Asset Managers and Custodians

Target: USAA ASSET MANAGEMENT COMPANY

Bidder: VICTORY CAPITAL

7 Service Providers

4 Bidder | 3 Vendor

18 Dealmakers

1 Bidder | 17 Vendor

£ 653 M

Value

29 Jun 2018|Turkey|E-commerce

Target: TRENDYOL

Bidder: ALIBABA GROUP HOLDING LIMITED

8 Service Providers

1 Target | 4 Bidder | 3 Vendor

34 Dealmakers

1 Target | 27 Bidder | 6 Vendor

n/a

Value

12 Feb 2019|United States|Insurance Brokers

Target: US RISK INSURANCE GROUP

Bidder: USI INSURANCE SERVICES

5 Service Providers

3 Target | 2 Bidder

24 Dealmakers

7 Target | 17 Bidder

n/a

Value

15 Mar 2019|United States|Business Process Outsourcing

Target: MDC PARTNERS

Bidder: STAGWELL

6 Service Providers

5 Target | 1 Bidder

20 Dealmakers

19 Target | 1 Bidder

£ 75 M

Value

25 Jul 2019|United States|Diversified Financials

Target: USAA (ASSETS PORTFOLIO)

Bidder: PAXION CAPITAL PARTNERS

7 Service Providers

4 Bidder | 3 Vendor

32 Dealmakers

13 Bidder | 19 Vendor

£ 1.45 B

Value

18 Nov 2019|Japan|Internet

Target: LINE CORPORATION

Bidder: Z HOLDINGS CORP

18 Service Providers

4 Target | 8 Bidder | 6 Vendor

25 Dealmakers

5 Target | 9 Bidder | 11 Vendor

£ 23.24 B

Value

15 Nov 2020|Japan|Diversified Retailers

Target: SEIYU

Bidder: KKR & CO

9 Service Providers

1 Target | 5 Bidder | 3 Vendor

51 Dealmakers

1 Target | 35 Bidder | 14 Vendor

£ 1.21 B

Value

22 Mar 2021|Australia|Hotels and Motels

Target: CROWN RESORTS LIMITED

Bidder: BLACKSTONE GROUP INC

17 Service Providers

4 Target | 12 Bidder | 1 Vendor

28 Dealmakers

10 Target | 18 Bidder

£ 4.42 B

Value

24 Mar 2021|Australia|Financial Data and Systems

Target: CHI-X ASIA PACIFIC HOLDINGS LTD

Bidder: CBOE GLOBAL MARKETS

10 Service Providers

1 Target | 6 Bidder | 3 Vendor

18 Dealmakers

2 Target | 5 Bidder | 11 Vendor

n/a

Value

05 Nov 2021|South Korea|Integrated Oil and Gas

Target: SK E&S

Bidder: KKR & CO

8 Service Providers

2 Target | 6 Bidder

23 Dealmakers

2 Target | 21 Bidder

£ 1.50 B

Value

08 Nov 2021|Japan|Storage Terminals

Target: CENTRAL TANK TERMINAL

Bidder: KKR & CO

8 Service Providers

1 Target | 5 Bidder | 2 Vendor

44 Dealmakers

1 Target | 28 Bidder | 15 Vendor

n/a

Value

17 Dec 2021|Japan|Software

Target: YAYOI CO LTD

Bidder: KKR & CO

6 Service Providers

1 Target | 4 Bidder | 1 Vendor

15 Dealmakers

1 Target | 13 Bidder | 1 Vendor

n/a

Value

17 Mar 2022|Japan|Real Estate Holding and Development

Target: MC-UBSR

Bidder: KKR & CO

13 Service Providers

3 Target | 5 Bidder | 5 Vendor

42 Dealmakers

5 Target | 26 Bidder | 11 Vendor

£ 1.53 B

Value

22 Mar 2022|Japan|FinTech

Target: COINCHECK

Bidder: THUNDER BRIDGE CAPITAL PARTNERS IV

21 Service Providers

2 Target | 13 Bidder | 6 Vendor

88 Dealmakers

3 Target | 29 Bidder | 56 Vendor

£ 1.33 B

Value

28 Apr 2022|Japan|Transportation Services

Target: HITACHI TRANSPORT SYSTEM

Bidder: KKR & CO

11 Service Providers

4 Target | 7 Bidder

40 Dealmakers

10 Target | 30 Bidder

£ 4.78 B

Value

27 Mar 2023|Japan|Hotels and Motels

Target: HYATT REGENCY TOKYO

Bidder: GAW CAPITAL PARTNERS

5 Service Providers

5 Bidder

21 Dealmakers

21 Bidder

n/a

Value

12 May 2023|Japan|Diversified Retailers

Target: SEIYU

Bidder: KKR & CO

5 Service Providers

1 Target | 3 Bidder | 1 Vendor

15 Dealmakers

2 Target | 12 Bidder | 1 Vendor

n/a

Value

15 May 2023|India|Software

Target: IBS SOFTWARE PTE LTD

Bidder: APAX PARTNERS LLP

9 Service Providers

3 Target | 4 Bidder | 2 Vendor

23 Dealmakers

3 Target | 2 Bidder | 18 Vendor

£ 361 M

Value

06 May 2024|India|Medical Supplies

Target: HEALTHIUM MEDTECH

Bidder: KKR & CO

11 Service Providers

3 Target | 5 Bidder | 3 Vendor

67 Dealmakers

1 Target | 39 Bidder | 27 Vendor

£ 669 M

Value

09 May 2024|Japan|Storage Terminals

Target: ALPS LOGISTICS

Bidder: LOGISTEED

12 Service Providers

7 Target | 5 Bidder

12 Dealmakers

1 Target | 11 Bidder

n/a

Value

23 Jul 2024|United States|Building Materials: Other

Target: JOHNSON CONTROLS (HVAC SOLUTIONS BUSINESS)

Bidder: ROBERT BOSCH GMBH

13 Service Providers

4 Bidder | 9 Vendor

120 Dealmakers

38 Bidder | 83 Vendor

£ 6.27 B

Value

08 Aug 2024|Japan|IT Services: Other

Target: FUJI SOFT

Bidder: KKR & CO

10 Service Providers

5 Target | 5 Bidder

16 Dealmakers

1 Target | 15 Bidder

£ 3.15 B

Value

19 Aug 2024|Japan|Electronic Components and Equipment

Target: SUNCORPORATION

Bidder: TRUE WIND CAPITAL

5 Service Providers

1 Target | 4 Bidder

13 Dealmakers

13 Bidder

£ 121 M

Value

18 Sep 2024|Japan|Software

Target: JINJER

Bidder: J-STAR CO LTD

5 Service Providers

1 Target | 3 Bidder | 1 Vendor

19 Dealmakers

1 Target | 17 Bidder | 1 Vendor

n/a

Value

05 Mar 2025|Japan|Diversified Retailers

Target: SEIYU

Bidder: TRIAL HOLDINGS

10 Service Providers

4 Target | 3 Bidder | 3 Vendor

12 Dealmakers

6 Target | 2 Bidder | 4 Vendor

£ 1.96 B

Value

28 Mar 2025|Japan|Electronic Components and Equipment

Target: TOPCON CORPORATION

Bidder: KKR & CO

7 Service Providers

3 Target | 3 Bidder | 1 Vendor

29 Dealmakers

2 Target | 20 Bidder | 7 Vendor

n/a

Value

27 Nov 2024|Japan|Real Estate Holding and Development

Target: WEAVE LIVING/ KKR JV

Bidder: KKR & CO

4 Service Providers

4 Bidder

13 Dealmakers

13 Bidder

n/a

Value

04 Sep 2025|South Korea|Containers and Packaging

Target: SAMHWA CO

Bidder: KKR & CO

6 Service Providers

1 Target | 2 Bidder | 3 Vendor

16 Dealmakers

1 Target | 11 Bidder | 4 Vendor

£ 393 M

Value

16 Sep 2025|Japan|Full Line Insurance

Target: HOKEN MINAOSHI HOMPO GROUP INC

Bidder: KKR & CO

3 Service Providers

1 Target | 2 Bidder

16 Dealmakers

2 Target | 14 Bidder

n/a

Value

10 Nov 2025|Japan|Outsourced HR and Staffing

Target: FORUM ENGINEERING

Bidder: KKR & CO

3 Service Providers

1 Target | 2 Bidder

16 Dealmakers

2 Target | 14 Bidder

£ 450 M

Value

24 Dec 2025|United Kingdom|Integrated Oil and Gas

Target: CASTROL LTD

Bidder: STONEPEAK

10 Service Providers

1 Target | 5 Bidder | 4 Vendor

72 Dealmakers

1 Target | 36 Bidder | 35 Vendor

£ 4.47 B

Value

24 Dec 2025|Japan|Real Estate Holding and Development

Target: SAPPORO REAL ESTATE

Bidder: PAG ASIA CAPITAL

4 Service Providers

3 Bidder | 1 Vendor

15 Dealmakers

14 Bidder | 1 Vendor

n/a

Value