Nagashima Ohno & Tsunematsu, through its new UK outfit, has set out to build a pipeline of energy and environment-related work in Europe, with Japanese companies remaining active in those areas.
The Tokyo-based law firm, one of the four largest in Japan, on 1 November 2024 the opening of the first European branch office in London scheduled for January next year.
Kiyoshi Honda, a partner and head of the London office who will relocate to the UK later this month, told Asia Business Law Journal that his firm particularly wanted to show its strength in the areas of energy and environment, including decarbonisation, as well as sustainability-related cases.
“There is an increasing number of cases in these areas (energy, environment and sustainability), including those related to achieving various targets such as carbon neutrality by 2050,” he said.
Just slightly over a year ago, Nikkei that Japanese property developer Tokyu Land and solar power company Renewable Japan would jointly invest JPY200 billion to JPY300 billion (USD2 billion) in acquiring and developing renewable power stations in Europe during the next five years.
Honda, who made partner at Nagashima Ohno in 2015, specialises in energy-related transactions, particularly renewable energy, as well as real estate deals and environmental law-related matters, including emissions trading.
In London, Honda will be supported by the firm’s European practice group in Tokyo, to which he belongs, consisting of more than 30 lawyers including 10-plus partners. Among them are overseas-qualified foreign law partners such as UK-admitted John Lane in cross-border litigation and regulatory investigations, who was previously at Freshfields, and Germany-qualified Axel Kuhlmann in corporate and M&A, who used to be at Gleiss Lutz.
Last year, the Tokyo-based firm co-advised Japanese fast food chain operator Zensho Holdings with Dentons on its acquisition of Sushi Circle Gastronomie, marking the former’s first foray into the German market. Kuhlmann and another Tokyo-based partner, Yasuhiro Kasahara, led Nagashima Ohno’s team representing Zensho in the deal.
In a 22 March 2024 White & Case , Japanese dealmakers were the most active bidders in Europe from the Asia-Pacific (APAC) region last year, having engaged in 135 deals worth USD10.8 billion. The numbers put Japanese companies far ahead of second-placed Australia, whose companies had conducted 66 transactions worth USD6.5 billion.
“There has also been an increase in M&A deals for Europe (among Japanese companies), and in the need to respond to new regulations based on EU and UK laws. The London office and the European practice group will work together to respond to these demands,” said Honda.
