37JAPAN LAWYERS GUIDE 2018/19Arcleshave generally been outbound deals, the largest Japanese M&A deal in 2017 was an inbound deal. On September 28, 2017, Bain Capital announced that it had agreed with Toshiba Corporation (“Toshiba”) to purchase all the shares of Toshiba Memory Corporation (“TMC”), Toshiba’s wholly owned subsidiary, at JPY 2 trillion (ap-proximately US$ 18 billion). Besides Bain Capital, the consortium includes Hoya, a global diversied company in the eld of innovative high-tech and medtech prod-ucts based in Tokyo; SK Hynix, which will own con-vertible bonds; and some additional US investors such as Apple, Dell Technologies Capital, Kingston Technol-ogy and Seagate, which will own non-voting shares and not participate in the governance or operations of TMC. Toshiba will remain a signicant investor and continue to control the board and the governance of the compa-ny. According to their press release, the consortium will abide by and respect all the contractual terms of the Western Digital joint venture. On December 13, 2017, Toshiba entered into a global settlement agreement with Western Digital Corporation to resolve their ongoing disputes in litigation and arbitration, which ensures that all parties are aligned on Toshiba’s sale of TMC.Another large inbound M&A deal in 2017 involved Takata Corporation (“Takata”), a leading global suppli-er of automotive safety systems such as seat belts, airbags and child seats. On June 26, 2017, Takata announced that it had reached agreement with Key Safety Systems (“KSS”), a global leader in mobile safety headquartered in Sterling Heights, Michigan, under which KSS will acquire substantially all of Takata’s global assets and op-erations for a purchase price of approximately US$ 1.59 billion. Takata led civil rehabilitation proceedings in the Tokyo District court for certain Japanese entities, and Chapter 11 in the United States Bankruptcy Court for certain North America afliates and subsidiaries.Acvity by SoBankSoftBank Group Corp. (“SoftBank”) is a global tech-nology company with a portfolio of companies including those in advanced telecommunications, internet services, AI, smart robotics, IoT and clean energy providers. Soft-Bank acquired ARM Holdings plc, the leading semicon-ductor IP company, in September 2017, and also an-nounced several other large M&A deals in 2017.On February 14, 2017, SoftBank announced that it had entered into a merger agreement to acquire Fortress Investment Group (“Fortress”) for approximately US$ 3.3 billion. Fortress is a leading, highly diversied global investment rm publicly listed on New York Stock Ex-change, with US$ 70.1 billion in assets under manage-ment (as of September 2016), which manages assets on behalf of over 1,750 institutional clients and private in-vestors worldwide across a range of private equity, credit, real estate and traditional asset management strategies. e acquisition was completed on December 28, 2017.On June 9, 2017, SoftBank announced an intention to acquire robotic pioneer Boston Dynamics, the develop-er of advanced robots, such as BigDog, Atlas, Spot and Handle, from Alphabet Inc.On July 18, 2017, SoftBank announced a joint venture with WeWork Companies (“WeWork”), a platform for creators, providing more than 130,000 members around the world with space, community and services through both physical and virtual oerings. SoftBank and We-Work will each own 50% of the joint venture, which will operate under the name of WeWork Japan, and will bring to Japan WeWork’s transformational platform of space, community, and services for companies of all sizes.On July 24, 2017, SoftBank and Didi Chuxing, the world’s leading mobile transportation platform, an-nounced that they will invest up to US$ 2 billion in Grab, the leading on-demand transportation and mobile payment platform in Southeast Asia.Private equity dealsKohlberg Kravis Roberts (“KKR”), which announced the completion of the acquisition of Casonic Kansei for approximately US$ 4.5 billion in early 2017, was also active in 2017.On January 13, 2017, KKR announced an intention to acquire Hitachi Koki Co., Ltd., a publicly listed compa-ny and a leading power tool and life science equipment manufacturer for the professional market, for approxi-mately US$ 1.28 billion.On April 26, 2017, KKR announced its intention to acquire Hitachi Kokusai Electric Inc. (“Hitachi Koku-sai”), through an entity owned by investment funds managed by KKR. Hitachi Kokusai, a publicly listed subsidiary of Hitachi Limited (“Hitachi”) operated in

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