KKR’s $4.5 Billion Tender Offer for Shares of Japan’s Calsonic Kansei


Simpson Thacher is representing Kohlberg Kravis Roberts & Co. L.P. in connection with the planned tender offer by KKR’s affiliate, CK Holdings Co., Ltd., to obtain up to 100% of the issued and outstanding common stock of Calsonic Kansei Corporation

In connection with the tender offer, KKR has entered into a tender agreement with Nissan Motor Co., Ltd. (“Nissan”), pursuant to which Nissan has agreed, subject to certain conditions, to tender its approximately 41% stake in Calsonic Kansei into the tender offer. The planned offer price and other transaction terms value Calsonic Kansei at approximately ¥498.3 billion (approximately $4.5 billion). The commencement of the tender offer is subject to the fulfillment of certain regulatory approvals and other conditions.

Calsonic Kansei is a leading supplier of automotive components including vehicle interiors, climate control systems, compressors, exhaust systems and electronic products. Nissan is the primary customer for Calsonic Kansei, which also supplies other automotive groups including Renault, Isuzu, Daimler and General Motors, among others.

The Simpson Thacher team includes David Sneider (Picture), Noritaka Kumamoto, Shannon Itoyama, Michael Young, Dan Miyagishi and David Whelan (M&A); Lori Lesser and Amber Harezlak (IP); Tristan Brown, Paul Koppel and Paul Barrus (ECEB); Makiko Harunari (Financing); Katharine Moir, Jason Vollbracht and Tanvi Mirani (Tax); Adeeb Fadil and Louise Kruger (Environmental); and David Vann, Michael Naughton, Kenneth Ehrhard, Joseph Thomas and Tara Kelly (Antitrust).

Involved fees earner: David Sneider – Simpson Thacher & Bartlett; Noritaka Kumamoto – Simpson Thacher & Bartlett; Shannon Itoyama – Simpson Thacher & Bartlett; David Whelan – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Paul Koppel – Simpson Thacher & Bartlett; Paul Barrus – Simpson Thacher & Bartlett; Makiko Harunari – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Jason Vollbracht – Simpson Thacher & Bartlett; Tanvi Mirani – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Louise Kruger – Simpson Thacher & Bartlett; David Vann – Simpson Thacher & Bartlett; Michael Naughton – Simpson Thacher & Bartlett; Kenneth Ehrhard – Simpson Thacher & Bartlett; Joseph Thomas – Simpson Thacher & Bartlett; Tara Kelly – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: KKR;