Panasonic’ Equity Investment in Blue Yonder

White & Case LLP has advised Panasonic Corporation on its equity investment in Blue Yonder. Simpson Thacher represented Blue Yonder Holding, Inc. and certain of its shareholders that are affiliated with funds managed by Blackstone, while Fried Frank acted as counsel to New Mountain Capital.

The investment via a secondary sale of shares values Blue Yonder at an enterprise value of US$5.5 billion. Panasonic will have a 20 percent minority ownership stake and one seat on Blue Yonder’s board of directors, and entities affiliated with New Mountain Capital and Blackstone will continue to be majority shareholders. New Mountain will retain a majority of its original investment and Blackstone will continue to hold its full investment in Blue Yonder.

The equity investment builds on the strong existing strategic relationship between Panasonic and Blue Yonder, including a joint venture in Japan announced in April 2019.

Blue Yonder is the leading end-to-end supply chain software provider. Blue Yonder (formerly JDA Software) provides seamless, friction-free commerce, empowering every organization and person on the planet to fulfill their potential.

Panasonic Corporation is a global leader developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, automotive, and B2B sectors. The company, which celebrated its 100th anniversary in 2018, operates 528 subsidiaries and 72 associated companies worldwide and reported consolidated net sales of 7.49 trillion yen for the year ended March 31, 2020.

The White & Case team which advised Panasonic on the transaction was led by partners Jun Usami (Picture) and Nels Hansen (both Tokyo) and counsel Shino Asayama (Tokyo), and included partners Gregory Pryor, Sang I. Ji, Arlene Arin Hahn, Henrik Patel, Steven Gee, Tal Marnin (all New York), Farhad Jalinous, Daniel Levin, Rebecca Farrington, Cristina Brayton-Lewis (all Washington, DC), Tilman Kuhn (Dusseldorf) and Nicholas Greenacre (London), local partners David Albagli and William Moran (both Tokyo), counsel Takako Onoki (Tokyo), Keith Schomig and F. Paul Pittman (both Washington DC), and associates Aoi Koyanagi, Lorraine Yip, Yuki Hattori, Christian Orton, Shintaro Kitayama, Kevin Lee, Zoey Zhu, Mizuki Hyuga (all Tokyo), Xiaofeng Gong (Beijing), Justin Terada (Frankfurt & Tokyo), David Smith, Agmal Bahrami (both Frankfurt), Benita Tibb (London), Neeraj Shah (Los Angeles), Roman Gonzalez Melo, German Macias Salas (both Mexico City), Ksenia Tyunik (Moscow), Arian Mossanenzadeh, Hiroyuki Koda, Jaymon Ballew, Jerry Lee, Peter Shelburne (all New York), Trishala Naidu (Singapore), Andrew Mann, Yi Ying, Jan Jeram, Ashley Williams, Mark Williams and Ata Akiner (all Washington, DC).

The Simpson Thacher team included Mark Pflug, Ben Schaye, Jun Won Kim and Tarra Theisen (M&A); Jonathan Goldstein (Tax); Larry Moss and Alisa Tschorke (Executive Compensation and Employee Benefits); Brian Gluck (Credit); Igor Fert (Capital Markets); Peter Guryan and Richard Jamgochian (Antitrust); and Lori Lesser (Intellectual Property).

The Fried Frank team advising New Mountain Capital was led by corporate partners Andrew J. Colosimo and Andrea Gede-Lange and included antitrust and competition partners Nathaniel L. Asker and Tobias Caspary, executive compensation & ERISA partner Donald P. Carleen, intellectual property and technology partner Jason L. Greenberg, tax partner Eli Weiss, antitrust and competition special counsel Aleksandr B. Livshits, executive compensation & ERISA special counsel Joshua S. Gelfand, corporate associate Natalia Caruso, antitrust and competition associates George L. Wolfe and Victoria Yuan, intellectual property and technology associate Kimberly L. Barr, and tax associate Bruce M. Wilson.

Involved fees earner: Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Kimberly Barr – Fried Frank Harris Shriver & Jacobson; Donald Carleen – Fried Frank Harris Shriver & Jacobson; Natalia Caruso – Fried Frank Harris Shriver & Jacobson; Tobias Caspary – Fried Frank Harris Shriver & Jacobson; Andrew Colosimo – Fried Frank Harris Shriver & Jacobson; Andrea Gede-Lange – Fried Frank Harris Shriver & Jacobson; Joshua Gelfand – Fried Frank Harris Shriver & Jacobson; Jason Greenberg – Fried Frank Harris Shriver & Jacobson; Aleksandr Livshits – Fried Frank Harris Shriver & Jacobson; Eli Weiss – Fried Frank Harris Shriver & Jacobson; Bruce Wilson – Fried Frank Harris Shriver & Jacobson; George Wolfe – Fried Frank Harris Shriver & Jacobson; Victoria Yuan – Fried Frank Harris Shriver & Jacobson; Igor Fert – Simpson Thacher & Bartlett; Brian Gluck – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Richard Jamgochian – Simpson Thacher & Bartlett; Jun Won Kim – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Mark Pflug – Simpson Thacher & Bartlett; Benjamin Schaye – Simpson Thacher & Bartlett; Tarra Theisen – Simpson Thacher & Bartlett; Alisa Tschorke – Simpson Thacher & Bartlett; Ata Akiner – White & Case; David Albagli – White & Case; Shino Asayama – White & Case; Agmal Bahrami – White & Case; Jaymon Ballew – White & Case; Cristina Brayton-Lewis – White & Case; Rebecca Farrington – White & Case; Steven Gee – White & Case; Román González Melo – White & Case; Nicholas Greenacre – White & Case; Arlene Arin Hahn – White & Case; Nels Hansen – White & Case; Yuki Hattori – White & Case; Mizuki Hyuga – White & Case; Farhad Jalinous – White & Case; Jan Jeram – White & Case; Sang Ji – White & Case; Shintaro Kitayama – White & Case; Hiroyuki Koda – White & Case; Aoi Koyanagi – White & Case; Tilman Kuhn – White & Case; Kevin Lee – White & Case; Jerry Lee – White & Case; Daniel Levin – White & Case; Germán Ricardo Macías – White & Case; Andrew Mann – White & Case; Tal Marnin – White & Case; William Moran – White & Case; Arian Mossanenzadeh – White & Case; Trishala Naidu – White & Case; Takako Onoki – White & Case; Christian Orton – White & Case; Henrik Patel – White & Case; Paul Pittman – White & Case; Gregory Pryor – White & Case; Keith Schomig – White & Case; Neeraj Shah – White & Case; Peter Shelburne – White & Case; David Smith – White & Case; Justin Terada – White & Case; Benita Tibb – White & Case; Ksenia Tyunik – White & Case; Jun Usami – White & Case; Mark Williams – White & Case; Ashley Williams – White & Case; Yi Ying – White & Case; Lorraine Yip – White & Case; Yilin Zhu – White & Case;

Law Firms: Fried Frank Harris Shriver & Jacobson; Simpson Thacher & Bartlett; White & Case;

Clients: Blue Yonder; New Mountain Capital; Panasonic;

Author: Michael Patrini