UPDATE: 10/24/2011, 12.06 p.m. This article has been condensed from the original version.
Boston-headquartered Bain and Japanese investment bank Nomura Holdings announced Friday that they have reached an agreement under which Bain will pay Nomura and other investors a total of $2.1 billion to acquire Tokyo’s Skylark Co. Ltd., which operates restaurant brands in Japan including Western-style chains Gusto and Jonathan’s.
The Wall Street Journal reports that Bain has also agreed to assume Skylark’s debt, bringing to the deal’s total value to roughly $3.3 billion.
The Journal, The New York Times, and Reuters all reported that negotiations between Bain and Nomura began late last year but were set back by the massive earthquake and tsunami that struck Japan in March, as well as by an outbreak of dysentery that was ultimately traced to a Skylark-owned Gusto restaurant in August.
The deal represents the largest private equity firm buyout in Japan since the beginning of the global financial crisis in 2008, according to Reuters.
Ropes & Gray’s team was led by partners Tsuyoshi Imai in Tokyo and Michael Nicklin in Hong Kong. Tokyo-based Mori Hamada & Matsumoto advised Bain on Japanese law.
Bain is a regular client of Ropes & Gray, which has advised the private equity giant on several transactions this year. In August, the firm acted as outside counsel to Bain in its $1.3 billion deal to purchase a majority stake in MYOB, an Australian software developer.
Nomura did not immediately respond to a request for information about its outside legal advisers on the Skylark transaction.