Clifford Chance and White & Case (W&C) have steered CVC Capital Partners, a global private equity firm, in its acquisition of Japanese pharmacy operator Sogo Medical Group for USD1.2 billion.
Michihiro Nishi, Tokyo partner at Clifford Chance, led the team’s M&A and antitrust aspects of the transaction. White & Case partners Clara Shirota and Naoya Shiota, based in Tokyo, led the firm’s team with help from counsel Kibbeum Kim in Seoul, and associates Shingo Maeda, Shumpei Kogasaka (both from Tokyo), Yuiyee Wong and Miranda Jia (both in Hong Kong).
The deal was finalised as CVC Funds assumed full ownership of Sogo Medical Group from Polaris Capital Group and other stakeholders.
Nikkei Asia reported that the deal was valued at USD1.2 billion.
“We are honoured to advise longstanding client CVC on this landmark transaction, one of the largest private equity-backed M&A deals in Japan’s healthcare sector last year. With the country’s ageing population, the depreciation of the Japanese yen and an enhanced environment for corporate governance, Japan’s healthcare sector is increasingly an attractive target for private capital investors seeking to unlock long-term value. We wish CVC and Sogo Medical every success in their next chapter of growth,” Nishi said.
Sogo Medical Group, the fifth-largest pure pharmacy chain in Japan, offers services related to medical practice management with around 740 pharmacies.
CVC Capital Partners is a Luxembourg-based investment advisory firm with a focus on private equity, secondaries and credit with 29 offices worldwide.
