Clifford Chance has advised leading global private equity firm CVC Capital Partners on CVC Funds’ 100% acquisition of Japanese pharmacy operator Sogo Medical Group Co., Ltd from Polaris Capital Group and other shareholders. The transaction closed on 14 February 2024.The firm advised on the M&A and antitrust aspects of the transaction, with Tokyo partner Michihiro Nishi leading a team consisting of counsel Masafumi Shikakura, and senior associates Shunsuke Nagae and Yuki Hoshinaga.
Michihiro said, “We are honoured to advise longstanding client CVC on this landmark transaction, one of the largest private equity-backed M&A deals in Japan’s healthcare sector last year. With the country’s aging population, the depreciation of the Japanese yen and an enhanced environment for corporate governance, Japan’s healthcare sector is increasingly an attractive target for private capital investors seeking to unlock long-term value. We wish CVC and Sogo Medical every success in their next chapter of growth.”
Sogo Medical Group provides a comprehensive range of services related to the management of medical practices, as well as an extensive network of approximately 740 pharmacies nationwide, making it Japan’s fifth largest pure pharmacy chain.
Clifford Chance has extensive experience advising on healthcare transactions in Asia Pacific, having advised CVC on its buyout of Xi’an Yikang Pharmacy in China, Seatown on its majority acquisition of Foundation Healthcare in Singapore and Prenetics on its majority acquisition of ACT Genomics.
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