White & Case Advises Japanese Banks on €1.28 Billion Debt Refinancing for Joint Acquisition by LIXIL Corporation and DBJ of Controlling Stake in Grohe Group
Global law firm White & Case LLP has advised The Bank of Tokyo-Mitsubishi UFJ, Ltd, Sumitomo Mitsui Banking Corporation and Mizuho Bank, Ltd on the €1.28 billion refinancing of the debt provided to the LIXIL Corporation and the Development Bank of Japan Inc. for their joint acquisition of 87.5 percent of the share capital in GROHE Group S.à r.l..
The landmark acquisition, which has an implied enterprise value of more than €3 billion, was completed in January and represents the largest ever German investment by a Japanese company. GROHE is one of the world's leading providers of premium sanitary fittings; LIXIL Corporation is a living and housing solutions company and a core enterprise of the LIXIL Group Corporation, which is involved in a broad spectrum of housing-related activities.
London-based White & Case partner Jeremy Duffy, who co-led the team which advised the banking group, said: "We were very pleased to advise our clients on a deal which showcased the strengths and capabilities that set White & Case apart – leveraging a global network to assemble a team of lawyers from the UK, Germany, Japan and other jurisdictions to manage a cross-border transaction to a successful conclusion."
LIXIL's acquisition of the stake in GROHE is part of its strategy to become the global leader in the building materials and housing equipment industry, and follows previous acquisitions, including in the US and Italy. LIXIL will leverage GROHE's extensive distribution network to expand its faucet business and, more generally, to strengthen its product offerings for complete bathroom solutions globally.
The White & Case team which advised on this transaction was led by partners Jeremy Duffy (London) and Tom Schorling (Frankfurt) and included partners Alexander Kiefner (Frankfurt), Toshio Dokei (Tokyo), John Hartley (Hong Kong), Ingrid York (London), Pieta Menon (London) and David Barwise (Singapore, London) as well as local partners Matthias Bochum (Hamburg) and Daniel Müller (Munich), counsels John Benjamin (London), Tim Jeffares (Tokyo) and Alexander Born (Frankfurt) and associates Lara Muazu, Bridget Thompson, Hayley Mitchinson, Richard Blackburn, Laura Hoyland, Ilona Fedurek (all London), Andreas Adler, Melanie Riechert, Steffen Raupp (all Frankfurt) and Gee Hou Tng (Hong Kong).
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