Nishimura & Asahi has advised Electric Works Company, a division of electronics and technology conglomerate Panasonic Corporation, on the transfer of its power tool business to Japanese manufacturer Makita for an undisclosed amount.
Tokyo-based partners Daisuke Morimoto, Junya Kokaji and Takefumi Suzuki led the team.
The transaction will be executed through a company split, under which Electric Works will transfer its power tool business to a newly established, yet to be named entity. After this, all issued shares of the new company will be transferred to Makita.
Assets, contracts, employees and other resources required for business operations will also be transferred to the new company. In addition, certain manufacturing and sales functions related to the business, including those held by Panasonic Group’s overseas subsidiaries, will be transferred to Makita’s subsidiaries.
Electric Works Company plans to complete the establishment of its successor company, the transfer of the power tool business, and the share transfer procedures by 31 March 2027, with operations commencing under the new structure thereafter.
The law firm representing Makita was not disclosed.
