NAME: Orix Corporation $2.1 billion acquisition of DHC

LAW FIRM: Nishimura & Asahi



INDUSTRY SECTOR: Consumer goods and services


The acquisition of cosmetics company DHC by financial services corporation Orix is our deal of the month for December.

Nishimura & Asahi has advised financial services group Orix on its acquisition of mail-order cosmetics and health company DHC on 23 November 2022. The $2.1 billion (¥300 billion) takeover is Orix's most expensive acquisition to date as it steps up its recent acquisitions of companies it sees as undervalued.

Orix Corporation is a Japanese diversified financial services group headquartered in Minato, Tokyo, and Osaka, Japan that offers leasing, lending, rentals, life insurance, real estate financing and development, venture capital, investment and retail banking, commodities funds and securities brokering. DHC is a leading cosmetics company in Japan, producing a wide range of beauty and healthy food products available both with mail order and in-store.

A team led by partners Tatsuya Nakayama, Yasuo Tsukitome and Tetsushi Konda together with Toshiyuki Nonaka, Taeko Morita, Kaoru Tatsumi, Isamu Imaizumi, Yusuke Urano, Masaru Umeda, Kazumaro Kobayashi, Alisa Inuzuka, Ing-Chian Sun and Azusa Nakashima, supported Akira Iizuka, advised Orix Corporation on its acquisition.