Ropes & Gray is advising private equity firm Bain Capital on its acquisition of a 50-percent stake in Japanese television shopping network Jupiter Shop Channel.
According to Reuters, Bain has agreed to pay Japanese trading company Sumitomo Corp. approximately $1.3 billion for the stake. The acquisition is being financed by a group of banks – Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corp., and Mizuho Corporate Bank Ltd. – which is being advised by Baker & McKenzie.
Jupiter Shop, Japan’s version of the Home Shopping Network or QVC, broadcasts 24 hours a day and offers products ranging from cosmetics and food to home appliances. Sumitomo will continue to own the other 50 percent of the channel.
Ropes & Gray partners Tsuyoshi Imai in Tokyo and Michael Nicklin in Hong Kong are leading the firm’s team advising Bain. The law firm and the private equity group, both based in Boston, have a longstanding and deep relationship, as detailed in this June feature in The American Lawyer.
Last August, Ropes & Gray also advised Bain on a $1.3 billion deal to acquire a majority stake in MYOB Ltd., an Australian business software developer. The firm was also advisor to Bain when it paid $2.1 billion to buy restaurant chain operator Skylark from Japanese investment bank Nomura Holdings.
Tokyo’s Mori Hamada & Matsumoto acted as Bain’s Japanese counsel on the deal.
Sumitomo turned to Tokyo-based Nagashima Ohno & Tsunematsu for advice on the deal. Jupiter Shop is being advised by a Tokyo-based firm which declined to be identified.