Skadden, Sullivan & Cromwell on Japanese Recruitment Giant's $3.3B Share Sale
Tokyo-listed Recruit, one of the largest staffing agencies in the world, raised $3.3 billion in a secondary offering.
September 24, 2019 at 04:07 PM
2 minute read
Credit: Songquan Deng/Shutterstock.com
Skadden, Arps, Slate, Meagher & Flom and Sullivan & Cromwell have advised on a $3.3 billion share offering in Japan.
Tokyo Stock Exchange-listed Recruit Holdings Co. Ltd., one of the largest staffing agencies in the world and the biggest in Japan, raised $3.3 billion in a secondary offering.
Recruit sold about 7% of its total outstanding shares from 13 of its shareholders, which includes printing companies Toppan Printing Co. Ltd. and Dai Nippon Printing Co. Ltd., and trading house Mitsui & Co. Ltd. The issuer said in a statement that the secondary offering is to facilitate the sale of the company's common stock in a coordinated manner and expand its shareholder base globally.
Skadden Tokyo partner Kenji Taneda represented Recruit on the secondary offering. Mori Hamada & Matsumoto served as Japanese counsel to the issuer.
Sullivan & Cromwell Tokyo partner Keiji Hatano advised Morgan Stanley, Merrill Lynch, Nomura, Mizuho, Goldman Sachs and SMBC Nikko Capital Markets as the underwriters. Anderson Mori & Tomotsune advised the banks on Japanese law.
Last year, Hatano and fellow Sullivan & Cromwell Tokyo partner Izumi Akai represented SoftBank Corp., the domestic telecommunications business of Japanese conglomerate SoftBank Group Corp., on a $23.5 billion initial public offering in Tokyo – the largest ever in Japan and second-biggest globally, after Chinese e-commerce giant Alibaba Group Holding Ltd.'s $25 billion listing on the New York Stock Exchange in 2014.
Akai also advised Morgan Stanley, Nomura, Bank of America, Mizuho and SMBC Nikko Securities as the underwriters on Recruit's $2 billion IPO in 2014; Simpson Thacher & Bartlett advised Recruit on the IPO.
Related stories:
Sullivan & Cromwell, Davis Polk Advise on SoftBank's Near-Record $21B IPO
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