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MoFo Advises EQT on its USD $1.1 Billion Sale of Pioneer

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Morrison Foerster (“MoFo”) is advising EQT on its sale of Pioneer Corporation (“Pioneer”), for USD $1.1 billion, to CarUX.EQT is...

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Morrison Foerster (“MoFo”) is advising EQT on its sale of Pioneer Corporation (“Pioneer”), for USD $1.1 billion, to CarUX.EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management. Pioneer is a Japanese automotive technology leader in sound and navigation systems. CarUX is a leading innovator in smart cockpit solutions and a subsidiary of the top panel supplier based in Taiwan and is a subsidiary of Taiwan-listed Innolux Corporation (TAIEX: 3481.TW).The transaction is subject to customary conditions and approvals and is expected to be completed in Q4 2025.MoFo’s deal team advising EQT is co-led by private equity partners Naoya Shiota and Steve DeCosse, and is supported by global co-chair of Morrison Foerster’s M&A practice Jeremy White, corporate associates Bryce Gray and Sarah Ishikawa, litigation partner Andrew Meyer (all Tokyo), and tax partner Matthew Lau (Hong Kong).<a href="https://eqtgroup.com/news/eqt-to-sell-pioneer-corporation-a-leading-japanese-provider-of-in-car-sound-and-multimedia-products-and-solutions-to-carux-for-usd-11-billion-2025-06-26" target="_blank">Read more in EQT’s press release</a>.

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Naoya Shiota is a partner in Morrison Foerster Law Offices and a member of the firm’s Private Equity Group. He has more than 20 years of experience advising private equity and corporate clients on cross-border M&A, finance, and other related transactions.He represents clients in a variety of industries including automotives, entertainment, and pharmaceuticals.Naoya received his LL.B. from the University of Tokyo and his LL.M. from Cornell Law School. He is a member of Daini Tokyo Bar Association.He is fluent in English and is a native speaker of Japanese.

Naoya Shiota

Partner

Steve DeCosse is a Corporate/PE partner in the Tokyo office. His practice focuses on public and private cross-border M&A and strategic investments for trading houses, private equity firms, and corporations across a range of tech, food and agriculture, and other industries.﻿Steve is recommended as a leading corporate lawyer in Japan by all the independent guides to the legal profession, including Chambers, The Legal 500, Best Lawyers in Japan, and Asia Business Law Journal. Asia Business Law Journal named him on the A-List of Japan’s Top 100 Lawyers. Client comments include the following: “Stephen DeCosse has a high level of global experience and a proven track record and is capable of handling legal cases around the world” (The Legal 500 Asia Pacific, 2025) and “Steve is a great lawyer with commercial sense and quick responsiveness. He knows clients’ business and has ample experience of handling cross-border transactions” (Chambers Global and Asia-Pacific, 2024).He is listed in the Hall of Fame for Japan: Corporate and M&A in The Legal 500 Asia Pacific, which lists “lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.” Steve has also been selected as a Stand-out Lawyer by Thomson Reuters.

Stephen DeCosse

Jeremy is the Global Co-Chair of our M&A practice. As a corporate partner of our Tokyo office, Jeremy focuses his practice on cross-border mergers, acquisitions, disposals, spin-outs, and joint ventures. His practice covers alliances between multinationals to greenfield corporate and venture investments.Jeremy is rated as one of “Asia’s Top 15 M&A Lawyers” (by Asia Legal Business 2023).Jeremy is recommended as a leading lawyer in Japan by independent guides to the legal profession, including Chambers & Partners, The Legal 500, and IFLR1000. Clients comment that he is “quite simply the best M&A lawyer I have worked with. His knowledge, dedication to client and project, experience and constructive problem-solving approach is unmatched in the market” (The Legal 500 2023), “exceptional for cross-border transactions…and an absolute pleasure to work with” (Chambers 2020), “the single best lawyer I have worked with in 30 years of M&A experience…courteous, ruthless on behalf of the client in negotiations, very smart, a creative solution finder, and has pragmatic common sense” (Chambers 2019), and “The best cross border transaction lawyer in Tokyo and all of my clients I introduced love him…” (IFLR1000 2018).

Jeremy White

Global Co-Chair of M&A Practice

Bryce Gray is a corporate associate in the firm’s Tokyo office.Bryce’s practice focuses on mergers and acquisitions, joint ventures, capital markets and compliance matters. He represents companies in a variety of industries in connection with cross-border transactions. In addition, Bryce regularly advises public companies on securities regulatory compliance and disclosure matters.Bryce co-authored “Positive Convergent Trends Contribute to Active Japanese M&A Market” for IFLR in September 2025. The article highlights developments such as improved corporate governance, the growing influence of shareholder activists, updated takeover guidelines, and the significant rise of private equity transactions.Bryce has been recognized by The Best Lawyers in Japan in its “Ones to Watch” category for Capital Markets Law, Corporate and M&A Law.A native English speaker, Bryce is also fluent in Japanese.Bryce received his J.D. from the Boston University School of Law and his B.A. in both English and History from Rice University.

Bryce Gray

Associate

Sarah Ishikawa is an associate in the Corporate Department of Morrison Foerster’s Tokyo office.Sarah earned her J.D. from Fordham University, where she served as Writing and Research Editor of the Fordham Intellectual Property, Media & Entertainment Law Journal. She received her B.A. from International Christian University.﻿Sarah is admitted to practice law in the state of New York. She is fluent in English and Japanese.

Sarah Ishikawa

Andrew Meyer is a member of the Litigation Department and part of the firm’s Commercial Litigation, Antitrust, and Investigations + White Collar Defense Groups.Andrew is recommended in the 2023 edition of The Legal 500 Asia Pacific for Japan: Antitrust and Competition.

Andrew Meyer

Matthew’s practice focuses on the structuring of cross‑border M&A transactions and corporate reorganizations, particularly involving the United States, China, Japan, and the rest of the Asia‑Pacific region. He specializes in guiding clients through the intricacies of cross‑border transaction structures and intellectual property management from a tax perspective.Matthew has deep experience advising fund sponsors and institutional investors on tax issues relating to the formation of, and investments in, private equity funds, venture capital funds, real estate funds, and other alternative investment products. He has particular expertise in the U.S. taxation of government‑linked investors such as sovereign wealth funds and central banks.Matthew has represented multinational corporations and funds in transactions across more than 30 jurisdictions covering a wide range of industries, including technology, telecommunications, healthcare, real estate, consumer, media, and energy.Matthew is a Registered Foreign Lawyer with the Law Society of Hong Kong.While at Columbia Law School, Matthew was a three‑year Harlan Fiske Stone Scholar.

刘恩安（Matthew Lau）律师的业务侧重于跨境并购交易和企业重组的结构设计，特别是涉及美国、中国、日本和亚太地区其他国家的交易。他擅长从税务的角度协助客户处理复杂的跨境交易结构和知识产权管理。刘律师在为基金发起人和机构投资者就私募股权基金、风险投资基金、房地产基金和其他另类投资产品的成立和投资相关的税务问题提供法律咨询方面拥有丰富的经验。他尤其擅长处理美国对政府相关投资者（如主权财富基金和中央银行）的征税事宜。刘律师曾代表多家跨国公司和基金在30多个司法管辖区处理交易，涵盖科技、电信、医疗保健、房地产、消费品、媒体和能源等多个行业。刘律师是香港律师会注册外地律师。在美国哥伦比亚大学法学院就读期间，刘律师连续三年获得哈伦•菲斯克•斯通（Harlan Fiske Stone）奖学金。