Oji Holdings Corporation: Acquisition of AustroCel Hallein GmbH
Nishimura & Asahi advised Oji Holdings Corporation [TSE: 3861], a paper and pulp manufacturer, on execution of a share transfer agreement with investment management firm TowerBrook Capital Partners L.P. to acquire all shares of AustroCel Hallein GmbH, a biorefinery company.
The team was led by partners Yoshiyuki Kizu, Akihiro Shimoda, Hiroko Jimbo, Timothy Merchant, Junko Wakabayashi, Yuki Taguchi, Kristina Winkelmann and counsel Kayo Kaneko, with support from associates Tetsu Miyazawa, Aoi Kato, Sotaro Hotta, Haruka Sugimoto, Yuki Hori, and Jessica Christina Larkins.
People

Akihiro has deep knowledge and extensive experience in a wide range of financial transactions and financial regulations, especially on a variety of investment funds, venture finance and compliance-related matters for financial institutions, including support for market entry and other innovative challenges such as FinTech business.
His transaction practice covers asset management business (including venture funds, PE funds, infrastructure funds and hedge funds), venture finance, project finance, real estate finance, and a various types of financial transactions.
Also, in the financial regulatory area, with his experience from a secondment to the Japanese Financial Service Agency where he was engaged mainly in assisting asset managers and FinTech businesses, he regularly provides flexible and creative solutions to traditional financial institutions such as banks, securities companies and asset managers, start-ups aiming to launch new financial business and foreign financial companies accessing the Japanese financial market.

Hiroko Jimbo is advising on various M&A transactions such as acquisitions of private/listed companies, joint ventures, capital/business alliances and technology alliances, and general corporate matters such as support of foreign companies’ entry into Japanese market, with strengths in industries and transactions where technology and intellectual property are important, such as the business integration in the electronics and other manufacturing industries, telecommunication industries, license / franchise business.
She has strong expertise in Japanese Foreign Direct Investment (FDI) regulations and handled numerous FDI filings. Based on the experience of various deals and the experience to work with government, she has unique insight to coordinate complex and difficult transactions that involve FDI elements. She engaged in discussion as a member of council and committees at the Japanese government level on the amendment to Japan’s Foreign Exchange and Foreign Trade Act in 2020 and the implementation thereof. She has also served as an advisor for Council for Promotion of Foreign Direct Investment in Japan, Cabinet Office and actively supports the foreign investment promotion.

He advises on a wide range of M&A transactions, including acquisitions, disposals, co-investments, minority investments, complex joint ventures and general corporate matters, regularly representing financial sponsors, Japanese and international investors, and other financial institutions across a range of sectors.
*Legal advice in the UK is provided under the name of Nishimura & Asahi UK Limited, a legal entity independent from, and a subsidiary of, Nishimura & Asahi (Gaikokuho Kyodo Jigyo). Neither Nishimura & Asahi (Gaikokuho Kyodo Jigyo) or Nishimura & Asahi UK Limited is authorised by the SRA, and none of Nishimura & Asahi (Gaikokuho Kyodo Jigyo), Nishimura & Asahi UK Limited or Timothy Merchant will undertake any reserved legal activity as defined in the United Kingdom Legal Services Act 2007.

Junko Wakabayashi specializes in antitrust and competition law. She has extensive experience with various antitrust matters and issues, including merger filings, cartels, transactional matters, and compliance, in both domestic and cross-border cases. She regularly engages with global clients and negotiates with competition authorities on their behalf. Due to her prior experience at the Ministry Land, Infrastructure, Transport, and Tourism, where she engaged in policy and rule making, as well as operations, and built a network of connections in government offices, Junko has a deep knowledge and understanding of regulations and government affairs, particularly those that impact transportation industries (e.g., aviation, automotive). She was seconded to a major energy company, where she acquired familiarity with the energy industry. Her wide range of experience enables her to provide precise, tailored advice that accurately addresses and responds to each client’s needs and business operations.

As a core member of our acquisition finance practice, Yuki regularly advises private equity funds and major companies (as borrowers) and banks, leasing companies and mezzanine funds (as financers) on M&A transactions. He also advises asset managers and financial institutions on fund formation, fund investment, subscription finance, and other day-to-day issues. He frequently serves as counsel to arrangers and originators in structured finance transactions, primarily those involving securitization of receivables and other assets. His extensive knowledge of his clients’ businesses and relevant financial regulations enables him to offer practical, well-balanced regulatory advice, including advice on the Financial Instruments Exchange Act and the Banking Act of Japan.

She has practiced for over 8 years at a leading international law firm in Brussels. Her practice covers, inter alia, merger control, cartel investigations, abuse of dominance, and antitrust compliance. She has particular expertise in FSR filings & compliance, guiding numerous international companies through in-house data collection processes.
Kristina draws on first-hand experience from the European Commission in Brussels and the Japan Fair Trade Commission in Tokyo. She has counseled across a wide range of industries - such as automotive, electronics, heavy industries, and logistics - with a strong focus on helping Asian corporate clients navigate European regulatory challenges. She has also spoken on the FSR developments at the Competition Law Forum Japan.
Kristina holds law degrees from Germany and France and is admitted to the German Bar in Munich (Rechtsanwältin) and the Brussels Bar (EU registered lawyer / E-list, Ordre Français). She is a member of the German-Japanese Lawyers’ Association, as well as the Antitrust Lawyers Association in Germany.

Kayo Kaneko advises domestic and international clients on a wide range of corporate matters, including M&A, governance, and regulatory-related issues. She is regularly involved in matters where corporate transactions or strategic decisions are shaped by regulatory constraints, institutional frameworks, and evolving legal regimes.
She brings a distinctive perspective informed by her experience at Japan’s Ministry of Justice, where she was engaged in legislative work relating to corporate law. This background enables her to approach legal issues not only from the standpoints of interpretation and compliance but also with an understanding of legislative intent and potential future developments in the regulatory environment.
Kayo also has substantial international experience in Europe, having studied and worked in Germany, including at a leading local law firm. Through this experience, she has gained practical insights into European legal frameworks and market practice, which she applies when advising on cross-border matters involving multiple jurisdictions and stakeholders.
In complex situations where multiple legal considerations intersect, she focuses on structuring key issues and framing the legal premises necessary for informed corporate decision-making. Clients value her ability to navigate uncertainty arising from regulatory change and to provide advice that remains grounded in both the institutional context and practical realities.


Yoshi’s practice covers various M&A transactions, cross border deals, and day-to-day commercial businesses, with a focus on Europe-related matters. He lived in Europe approx. 8 years including studying at the master of law at UCL in London, working approx. 3 years in leading firms in Frankfurt, Paris and Italy, a short secondment in Barcelona/Madrid and having regular business trips all across Europe including the Netherlands, Nordic countries and Eastern Europe. As a leading partner of Europe practice and cross-border team, Yoshi provides a tailored legal services in a timely and flexible manner.
*Legal advice in the UK is provided under the name of Nishimura & Asahi UK Limited, a legal entity independent from, and a subsidiary of, Nishimura & Asahi (Gaikokuho Kyodo Jigyo). None of Nishimura & Asahi (Gaikokuho Kyodo Jigyo), Nishimura & Asahi UK Limited or, the representative, Yoshiyuki Kizu is authorized by the Solicitors Regulation Authority for England and Wales, and none will undertake any reserved legal activity as defined in the United Kingdom Legal Services Act 2007.