A cross-border Linklaters team spanning our Tokyo and New York offices advised Tokio Marine on its subscription for shares of Sierra Space’s preferred stock as part of its $290 million Series B fundraise. Tokio Marine along with MUFG Bank and Kanematsu Corporation formed a Japanese strategic partnership to co-lead this fundraising round for the leading commercial space company.
The fundraise also includes investments from General Atlantic, Coatue, Moore Strategic Ventures and Sierra Holding Company with participation from funds and accounts managed by BlackRock Private Equity Partners, AE Industrial Partners, and Vice Family Trust. The partnership’s investment will continue the momentum of Sierra Space’s network in Japan, including the exploration of Oita Airport as a landing site for Sierra Space’s Dream Chaser spaceplane — with partners Oita Prefecture, Kanematsu, and Japan Airlines, a burgeoning partnership with Mitsubishi Heavy Industries to develop a wide range of technologies to orbit and on orbit.
The Linklaters Corporate team was led by Partners Yoshiyuki Asaoka in Tokyo and Pierre-Emmanuel Perais in New York. Also on the team were Managing Associates Nathaniel Schlakman in New York and Kenji Shimada in Tokyo, and Associates Fraser Goodlad in New York and Misaki Abe in Tokyo.
Linklaters has longstanding expertise advising clients on cross-border corporate matters. This transaction comes on the heels of Linklaters’ work advising Perfetti Van Melle on its US$1.35 billion acquisition of Mondelez’s chewing gum business, one of the largest consumer sector M&A transactions in 2022, and advising Generali on the acquisition of Conning Holdings Limited which created a long-term partnership with Cathay Life. Earlier this year the firm was also honored for its work in the space with the M&A Advisor’s Law Firm of the Year, Restructuring Deal of the Year, Consumer Staples Deal of the Year, and Emerging Leaders Awards.
