Kohlberg Kravis & Roberts & Co. L.P.’s Acquisition of a 22% interest in Panasonic Healthcare Holdings Co., Ltd.

Simpson Thacher is representing Kohlberg Kravis & Roberts & Co. L.P. in connection with the announced acquisition by Mitsui & Co., Ltd. (“Mitsui”) of a 22% interest in Panasonic Healthcare Holdings Co., Ltd. (“PHCHD”) for approximately 54.1 billion yen (approximately $510 million).

KKR will retain a majority stake in PHCHD following the closing of the transaction, which is subject to customary closing conditions.

PHCHD primarily develops, manufactures, and sells healthcare devices, focusing on blood glucose monitoring meters and strips for people with diabetes through its subsidiary Panasonic Healthcare Co., Ltd. (“PHC”). In 2016, PHCHD acquired Ascensia Diabetes Care (“Ascensia”), formerly the diabetes care unit of Bayer Aktiengesellschaft, a leading provider of diabetes care solutions to people with diabetes and healthcare professionals in 125 countries around the world. The Firm also represented KKR in its acquisition of an interest in PHC in 2014, as well as PHCHD in its acquisition of Ascensia in 2016.

Mitsui is a leading Japanese trading house with operations in various global sectors, including active investment in hospitals and other related businesses in Asia.

The Simpson Thacher team includes David Sneider (Picture) and Shannon Itoyama (M&A); and David Vann and Étienne Renaudeau (Antitrust).

Involved fees earner: David Sneider – Simpson Thacher & Bartlett; Shannon Itoyama – Simpson Thacher & Bartlett; David Vann – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: KKR;


Author: Michael Patrini