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Mergers & Acquisitions

 Latest update: July 2022 

The Japanese M&A business represents a sector whose importance has been growing in the last few years. Before 2020, the number of Japanese M&A transactions and total transaction value was on a eight-year consecutive year-on-year increase streak. In 2021, the volume of M&A continued its growth, and not only recovered from the downturn of 2020, but grew 14.7%, amounting to 4,280 M&A’s with 550 more companies compared to the previous year. Meanwhile transaction value grew 11.7%, and reached $142.24 billion. In fact, the volume of Outbound M&A is so important for Japan it accounts for 40% of all outbound M&A deal value in Asia, including China and India. 

Chamber and Partners, Corporate M&A , 2022
The Asahi Shimbun, Japan chalks up a record number of M&A deals in 2021, 2022
Bain & Company, Learning from Japan’s Disappointing M&A Boom, 2020

It is worth noting that in Japan, the Corporation Law defines the procedures for corporate mergers whilst the Japan Fair Trade Commission (JFTC) is responsible for mergers’ approval, while having to follow the Foreign Exchange and Foreign Trade Law (FEFTL). 

Deloitte, International Tax and Business Guide, 2.5. Mergers and Acquisitions, 2010
IFLR, Japan: Less Regulation, 2008
Thomson Reuters Practical Law, Merger control in Japan: overview, 2018
Japan Fair Trade Commission, Enactment of the Act to Amend the Antimonopoly Act, 2019

 

Table of Contents

  • Driving Forces Behind M&A in Japan
  • Main Regulations Governing M&As
  • Case Study: Japanese acquisitions of European Companies
  • Particularities
    • Business Culture and Corporate Governance in Japan; Keiretsu
    • Challenges in Japan’s M&A Landscape
  • Expert reports
  • Annual Report
  • Relevant organisations
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