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    YAGEO Corporation: Full Acquisition of Shibaura Electronics Co., Ltd. through TOB

Nishimura & Asahi advised YAGEO Corporation, a global service provider of electronic component solutions headquartered in Taiwan, on its full acquisition via tender offer of Shibaura Electronics Co., Ltd. [TSE: 6957], a negative temperature coefficient (NTC) thermistor temperature sensor manufacturing and technology company. The tender offer has been successfully completed on October 20, 2025, and YAGEO plans to complete the process of privatizing Shibaura Electronics by the first quarter of 2026. 

The team was led by partners Asa Shinkawa, Keitaro Hamada, Hiroko Jimbo, Kozo Kawai, and Mitsutoshi Sugihara.

People

新川 麻

Asa SHINKAWA

  • Partner
  • Tokyo

Asa Shinkawa has been a partner in the M&A/corporate group at Nishimura & Asahi since 2001. She has a long and successful history of advising Japanese and international corporations and private equity firms. Ms. Shinkawa has advised on mergers and acquisitions, tender offers, cross border transactions, domestic acquisitions and divestitures and going private transactions, restructurings and spin offs, joint ventures, and numerous other kinds of transactions and commercial arrangements. Ms. Shinkawa has been recognized as one of the world's leading lawyers in the field of Corporate/Mergers and Acquisitions in Chambers Global - The World's Leading Lawyers for Business, since 2009, and is ranked as one of the top practitioners in Japan in the field of Corporate/M&A. She was awarded "Dealmaker of the Year" at the ALB Japan Law Awards 2022,  "Dealmaker of the Year, North Asia" at the ALB Women in Law Awards 2021 and "Woman Lawyer of the Year" at the ALB Japan Law Awards 2020, "M&A Deal of the Year” at the IFLR Asia-Pacific Awards 2022, "Private Equity Deal of the Year” at The Asia Legal Awards 2021 and "Legal Expertise: Creating a New Standard” at the Financial Times Asia-Pacific Innovative Lawyer Awards 2019, and has received many other accolades. In addition, she has advised on M&A transactions and integrations/business combinations between public corporations in which merger control considerations were a critical prerequisite for the consummation of the transactions. Ms. Shinkawa has also advised extensively on the application of antitrust law in relation to joint ventures, business alliances and other types of cooperative arrangements between competitors, sole-distributorship arrangements, distribution agreements, dealer agreements and license arrangements. She was engaged in the reform of the electricity system in Japan, as an expert member of governmental committees under the Electricity and Gas Market Surveillance Commission  and various committees of the Advisory committees for Natural resourse and Energy of the METI from 2015 to 2021.

濵田 啓太郎

Keitaro deals with various cross-border M&A transactions, both inbound and outbound, backed by his experience working in U.S. and Australian law firms. He has an extensive track record of success in handling private equity deals, not only on acquisitions but also on exits. Further, his practice includes M&A generally, such as business integrations, carve-outs, and JV formation. Clients value his outstanding analysis, communication, and presentation skills beyond just language (both Japanese and English), which he leverages for successful discussions and negotiations with clients, advisors, and counterparties.

神保 寛子

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.

川合 弘造

Kozo’s anti-trust/competition practice covers every area of the practice, i.e., violation cases such as cartel and unilateral conduct, merger regulations, and compliance to prevent violations of Japanese and foreign competition laws. Kozo continues to be recognized by international law journals as one of the top practitioners in Japan in the area of competition law. He has handled large scale international cartel cases and has contributed to the realization of prominent merger regulations. In the area of international trade law, Kozo is widely recognized as a pioneer of trade law practice in Japan and has advised both the private sector and governmental agencies. He has been involved in most of the trade remedy investigations, such as those for the imposition of anti-dumping duties and subsidy countervailing duties as counsel to Japanese and foreign clients, and in some overseas trade remedy investigations to defend Japanese clients. In addition, Kozo’s practice covers international disputes, corporate crisis management, and regulatory investigations.