Nagashima Ohno & Tsunematsu and Osaka-based Midosuji LPC are advising on the acquisition of Huis Ten Bosch Co, the operator of one of Japan’s largest and most iconic theme parks, by Hong Kong-based PAG headed by Weijian Shan.
HIS Co, which is listed on the Tokyo Stock Exchange and is one of Japan’s largest travel agencies, announced on August 30 that it will transfer its entire 66.67% stake in Huis Ten Bosch to PAG for 66.66 billion yen ($480.8 million) on September 30.
Five other companies owning the rest of the shares, which include Kyushu Electric Power Co Inc and Saibu Gas Holdings, have also agreed to sell the combined 33.3% stake to PAG for a total of 100 billion yen ($720.6 million).
PAG is represented by Nagashima Ohno & Tsunematsu, one of Japan’s big four law firms, and HIS Co is being advised by Midosuji LPC, according to HIS Co and PAG.
Located in the coastal city of Sasebo in Nagasaki Prefecture, Huis Ten Bosch, which began 30 years ago, is a Dutch-themed park spanning 376 acres with models of landmarks from the Netherlands.
The operator of the iconic theme park began to struggle when the COVID pandemic hit in 2020, and has been in the red since then. But, in December 2018, the theme park’s operator reportedly planned to sell a 25% stake to Chinese conglomerate Fosun Group, a deal that the operator later withdrew from in February 2019.
The deal is scheduled to close on September 30 this year.