Nishimura & Asahi, Khaitan & Co and Torys have advised on the $3 billion acquisition by Bain Capital of Olympus Corp.’s microscope arm.
Olympus announced Aug. 29 that it had agreed to sell its microscope business, Evident Corp., to Bain Capital. The deal will involve the transfer of all shares to Bain Capital for a total of $3 billion, scheduled to take place on Jan. 4, 2023.
The sale comes as Olympus pivots its business to focus solely on medical technology.
Nishimura & Asahi, Japan’s biggest law firm by head count, is advising U.S.-based private equity giant Bain Capital, while leading Indian law firm Khaitan & Co and Canada’s Torys are representing Olympus. TMI Associates in Tokyo also acted as legal counsel to Olympus in the divestment of its Science Solutions business in India, as part of the India leg of the transaction, according to a deal report from Khaitan & Co.
TMI Associates did not respond to a request for comment.
The Nishimura & Asahi team advising Bain Capital was led by partners Yuki Oi, Kohei Ishida, Takeshi Nemoto and Junko Wakabayashi. The Khaitan & Co team representing Olympus was led by corporate partner Zakir Merchant. The Canadian leg of the transaction was led by Torys’ corporate partners Don Bell and Guillaume Lavoie.
Olympus announced in April the completion of the separation of its Scientific Solutions business to a newly established wholly owned subsidiary, Evident Corp., which would continue to operate independently under the Olympus umbrella.
Another Japan-Related Deal
Nishimura & Asahi also is advising Mitsui Chemicals on the sale of its subsidiary Mitsui Phenols Singapore for $330 million to U.K.-based INEOS Phenol, the world’s largest producer of phenol and acetone.
DLA Piper is advising INEOS Phenol.
The Nishimura & Asahi team advising Mitsui Chemicals is led by Tokyo-based partners Kozo Kawai and Nobuhiro Tanaka and Singapore-based Masataka Sato. The DLA Piper team representing INEOS Phenol is led by Singapore-based corporate partner Katherine Chew.
The deal is expected to close in the first quarter of 2023, subject to regulatory approval.