JAPAN ’S record dealmaking activity this year isn’t giving foreign firms much holiday cheer: For now, the field remains mostly dominated by the local megabanks and law firms with deep ties to the corporate world.
The tie up could form the world’s third-largest carmaker. But even though big international investment banks win advisory roles on some deals, Japanese firms historically have a big hometown advantage, according to data compiled by Bloomberg. Nomura is the top adviser for deals in Japan, followed by Morgan Stanley, which gets a boost from its strategic alliance with Mitsubishi UFJ Financial Group Inc. Goldman Sachs Group Inc., Daiwa Securities Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho round out the rest, according to the data.
The two companies earlier this week reached a tentative agreement to set up a joint holding company that will aim to list shares in August 2026. While their executives have been careful to paint the transaction as a merger of equals, Honda will take the lead in forming the new entity and nominate a majority of its directors.
After the operator of Circle K stores made its intentions known, Seven & i Holdings Co. considered a management buyout to take itself private with funding from banks, Itochu Corp. and the founding Ito family in a transaction that could be worth around $58 billion, Bloomberg News reported. Banks that may provide financing for what could be the largest-ever such deal in Japan include Sumitomo Mitsui, MUFG and Mizuho.
The deal bonanza has also been buoyed by a strong stock market, with the benchmark Nikkei 225 index reaching an all-time high in July. It has gained more than 20 percent this year.
M&A Japan Finance Investment Banking Competition
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