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MoFo Advises NSSK on Landmark Restructuring and Commercialization of Japan Men’s Professional Golf Tour

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Morrison Foerster (“MoFo”) is advising Nippon Sangyo Suishin Kiko Group (“NSSK”) in connection with the restructuring of the...

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Morrison Foerster (“MoFo”) is advising Nippon Sangyo Suishin Kiko Group (“NSSK”) in connection with the restructuring of the Japan men’s professional golf tour, marking a significant transformation of the tour’s commercial operations.NSSK has entered into a business transfer agreement with the Japan Golf Tour Organization (“JGTO”) for the transfer of the tour’s commercial operations from JGTO to Japan Professional Golf Tour Co., Ltd. (“J-Tour”), a newly established company formed to succeed such commercial operations. In connection with the transaction, NSSK, together with investment limited partnerships and exempted limited partnerships managed by or receiving services from NSSK and co-investors, is expected to provide growth capital to J-Tour on a staged basis.Following the transaction, J-Tour will serve as the entity responsible for the commercial functions of the Japan men’s professional golf tour, including overall planning and operation of the tour, management of sponsorships, broadcasting and streaming rights, and the promotion of marketing and fan engagement initiatives.Japan’s golf market, valued at approximately JPY 1.4 trillion (approx. US$8.8 billion), is one of the country’s largest sports markets, underpinned by a broad participant base and a well-developed ecosystem. The transaction is expected to accelerate the commercialization of the men’s tour and contribute to the sustainable growth of Japan’s sports industry.NSSK, established in November 2014, is an investment management firm dedicated to supporting Japanese companies through its deep expertise in operational improvement, talent enhancement, and financial efficiency.A global, multi-disciplinary Private Equity, Sports, Media + Entertainment deal team from MoFo was led by cross-border Singapore-based private equity partner Scott Jalowayski and Tokyo‑based private equity partner Naoya Shiota, supported by intellectual property partner Yukihiro Terazawa, antitrust partner Megan Gerking, Media + Entertainment partner Christoph Wagner, and corporate associates Yui Hirohashi, Karin Ito, and Shunsuke Umeda.Read NSSK’s <a href="https://nsskjapan.com/en/1844/" target="_blank">press release</a>.

MoFo Advises NSSK on Landmark Restructuring and Commercialization of Japan Men’s Professional Golf Tour

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Scott Jalowayski has over 20 years of experience advising private equity funds, their portfolio companies, and other global and regional investment managers on complex investments and M&A transactions in Southeast Asia, China, and Japan.His experience spans across a range of transaction types, including leveraged and unleveraged control acquisitions, minority investments, joint ventures, divestitures, and restructurings. His sector expertise covers life sciences and healthcare, interactive and digital media, technology, consumer products, and real asset and infrastructure enterprises.Scott has significant digital infrastructure experience having advised multiple sponsors on data center acquisition, investment, and development projects in Australia, Korea, Japan, Singapore, and the Philippines.Scott is highly regarded as a leading lawyer for private equity and M&A work, including buyouts and venture capital investments by Chambers, Legal 500, and the IFLR1000. Clients commend him for being “a trusted partner, with not only excellent professional knowledge but also strong commercial sense. He always thinks from a client’s perspective and provides timely and thorough advice” and “has strong technical and commercial skills.” Another client recognizes his ability to “provide proper guidance in a complicated deal situation.”<h4>Representative Experience</h4><ul><li>TPG Rise Fund in its investment in BillEase, a leading consumer lending platform in the Philippines.</li><li>TPG in multiple proposed acquisitions across Southeast Asia, including in Indonesia, the Philippines, and India.</li><li>KKR in its investment in Privy, a digital trust provider based in Indonesia.</li><li>STACK Infrastructure in its joint venture with Hickory, a leading Australian commercial real estate developer, to develop and operate 124MW of data center capacity in Melbourne, Perth, and Canberra.</li><li>STACK Infrastructure in its joint venture with ESR Group Limited, to develop and operate 72MW of data center capacity in Osaka, Japan.</li><li>STACK Infrastructure in its joint venture with Oaktree, to develop and operate a data center in Tokyo, Japan.</li><li>STACK Infrastructure in its joint venture with ESR Group Limited, to develop and operate a 48MW data center in Incheon, Korea.</li><li>Zensho Holdings in its US$621 million acquisition of The Snowfox Group, a multi-channel and international Japanese food business.</li><li>Goldman Sachs/West Street Capital Partners in its US$750 million acquisition, together with Pagoda and QIC, of Icon Cancer Care, a leading oncology services provider in Australia, and in its later sale of Icon to EQT.</li><li>C2 Capital Partners in its investment in Stella & Chewy’s, a leading North American pet food manufacturer</li><li>C2 Capital Partners in its investment in Petcurean, a leading North American pet food manufacturer.</li><li>C2 Capital Partners in its investment, together with Cornell Capital, in KDC/One, a leading Beauty, Personal Care and Home Care solutions ODM.</li></ul>

Scott Jalowayski

Partner

Naoya Shiota is a partner of 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

Yuki is a partner of Morrison Foerster Law Offices. He has more than 25 years of experience in litigation and dispute resolution, including disputes relating to commercial transactions, product liability, real estate, and computer system development, as well as intellectual property, including patents, trademarks and copyrights.Yuki primarily focuses on representing international clients in Japanese litigation and technology transactions. He also handles IP licensing work and regulatory matters involving complex compliance issues, including security and personal information breaches, pharma and medical device regulation, and violations of product safety standards issued by the Japanese government.Yuki frequently lectures on intellectual property rights, e-commerce, privacy (protection of personal information), and entertainment law at the Daini Tokyo Bar Association, Keio Law School, and specialized training colleges. He serves as a deputy chairman of the Daini Tokyo Bar Association’s Study Group of Intellectual Properties.In 2018, Yuki drafted the “Data Contract Guidelines for Agricultural Sectors” for the Ministry of Agriculture, Forestry and Fisheries (MAFF) of Japan, which was published in December 2018. In July 2019, he was appointed as a committee member to establish “Contract Guidelines in Using Artificial Intelligence for Agricultural Sectors” for the MAFF. Yuki was also appointed a special member (mediator) of the “Dispute Resolution Board for Telecommunication Business Entities” at the Ministry of Internal Affairs and Communication (MIAC) of Japan.Yuki is ranked in Japan: TMT and Japan: Intellectual Property in The Legal 500 Asia Pacific 2024, and has also been recognized for Intellectual Property Law and International Business Transactions in The Best Lawyers in Japan since the 2013 edition.

Yukihiro Terazawa

Megan is a former trial attorney with the DOJ’s Antitrust Division. At Morrison Foerster, she is a partner in the Antitrust Group advising clients on their most complex and high-stakes competition matters. Her practice focuses on government investigations, merger reviews, strategic transactions, and civil antitrust litigation, particularly where enforcement, compliance, and global antitrust and regulatory risk intersect.Megan regularly counsels clients on antitrust risks arising from industry collaborations, trade associations, consortia, and other joint activities, drawing on her firsthand experience investigating and prosecuting cartel conduct. While at the Antitrust Division, Megan investigated and prosecuted federal antitrust violations, including international cartel matters involving price fixing, bid rigging, and market allocation. She now leverages that experience to help clients design, implement, and defend antitrust compliance programs, and she routinely delivers antitrust training for executives and employees.Megan also maintains a robust merger practice, advising clients at every stage of the merger review process. She develops transaction strategies, assesses and manages obligations under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”), and represents clients before antitrust authorities in the United States and abroad. Megan regularly represents third parties in agency reviews of transactions, including at trial.Her experience spans a wide range of industries, including telecommunications, media, technology and software, financial services, consumer products, aviation, higher education, manufacturing, agriculture, and life sciences. While at the Antitrust Division, Megan prosecuted the first individual ever extradited to the United States on an antitrust charge and earned the Assistant Attorney General’s Award for Distinguished Service for her work investigating and prosecuting international automotive parts cartels. She was also awarded the DOJ’s Outstanding Mentor Award by the Attorney General. Megan has been widely recognized by leading publications including Chambers, Global Competition Review, Bloomberg, The American Lawyer, and others. She has served as a non-governmental advisor to the International Competition Network (ICN) and has spoken at the ICN Cartel Workshop in Lisbon, Portugal. Megan is an editor of The Antitrust Source, the ABA’s online antitrust magazine, and is a member of Morrison Foerster’s global Sustainability + Corporate Responsibility Group. She also serves on the board of directors of the U.S. Sustainable Investment Forum (SIF).Before attending law school, Megan worked in the DOJ’s Office of Public Affairs, where she assisted the Assistant Attorney General for Antitrust with media strategy and served as a national spokesperson. She also worked as a paralegal in the Antitrust Division, supporting trial teams in criminal antitrust prosecutions.<h4>Representative Experience</h4><h5>Criminal and Civil Antitrust Investigations</h5><ul><li>Achieved non-prosecution protection for two healthcare companies in separate DOJ Antitrust Division criminal investigations; represented company witnesses at trial.</li><li>Obtained non-prosecution protection for a senior executive in criminal investigation into no-poach agreements in defense sector; executive testified at the criminal trial.</li><li>Completed a non-prosecution agreement for a senior executive in a DOJ criminal investigation into market allocation and bid rigging of generic drugs.</li><li>Regularly advises senior executives on DOJ antitrust criminal investigations involving allegations of price fixing, market and customer allocation, and bid rigging, and obtained non-prosecution protection for several individuals.</li><li>Represented a technology company in a Federal Trade Commission monopolization investigation.</li><li>Defended a private equity fund in a state AG investigation.</li><li>Represented an energy company in a criminal investigation.</li><li>Counseled a senior executive on an international criminal cartel investigation.</li><li>Obtained a non-prosecution agreement for a senior executive in a criminal investigation into conduct related to the hiring of employees.</li></ul><h5>Antitrust Merger Review</h5><ul><li>Obtained merger clearance for a telecommunications company in connection with a $20 billion acquisition, which closed in 2026.</li><li>Navigated ShowingTime Inc., a leading real estate showing management and market stats technology provider, through an extended review by the Federal Trade Commission of its $500 million vertical acquisition by Zillow Group.</li><li>Delivered merger clearances for Unity Technologies Corp. in connection with an asset carve-out acquisition from Weta Digital of certain assets, including its audiovisual effects development and management software tools, for a purchase price of $1.625 billion.</li><li>Advised and obtained merger clearances for Grant Thornton LLP in connection with the sale of its Public Sector Advisory practice to Guidehouse.</li><li>Represented Divvy, a leader in spend management, in its $2.5 billion stock and cash sale to Bill.com. </li><li>Supported NTT, a leading IT infrastructure and services company, in its $330 million cash sale of WhiteHat Security to Synopsys, Inc.</li><li>Represented Continental Building Products, a North American leader in wallboard and joint compound materials, in negotiations to secure antitrust approvals for its sale to Saint-Gobain. The transaction cleared without a second request investigation.</li><li>Assisted The Walt Disney Co. in its $71 billion acquisition of certain businesses from 21st Century Fox.</li><li>Represented Canadian aircraft manufacturer Bombardier in connection with the worldwide antitrust clearance of its sale of a controlling interest in the “C Series” line of commercial passenger jets to Airbus. The transaction cleared without any second-phase reviews.</li><li>Regularly assisting third parties in responding to DOJ and FTC outreach and Civil Investigative Demands in connection with merger reviews, and corporate clients with antitrust issues in complex transactions, including collaborations, joint ventures, acquisitions, and mergers.</li></ul><h5>Antitrust Litigation</h5><ul><li>Representing Beeline Loans in federal antitrust litigation alleging price fixing and information sharing in connection with use of Optimal Blue software.</li><li>Defending Otter Tail Corp. and its subsidiaries in federal antitrust litigation alleging price fixing and information sharing through third-party market newsletter.</li><li>Supporting Verizon Communications in federal antitrust litigation alleging antitrust violations brought by VoIP-Pal.</li><li>Defending BJMC Global in federal antitrust litigation alleging non-solicitation agreements and wage fixing in violation of antitrust laws.</li><li>Representing Glenmark Pharmaceuticals in a federal antitrust multidistrict litigation alleging price fixing and market allocation of generic drugs by manufacturers of generic drugs.</li><li>Assisting Nexstar Media Group, America’s largest local television and media company, in federal antitrust litigation alleging price fixing in television advertising.</li><li>Counseled a leading international financial institution in multiple, sprawling class action lawsuits alleging a global conspiracy by some of the world’s largest banks to manipulate the interbank offer rate (IBOR) benchmark for multiple currencies.</li></ul>

Megan E. Gerking

Christoph Wagner has been advising media and communications companies for more than 25 years on complex transactions and strategic regulatory matters, including market access and the regulation of artificial intelligence (AI).He has advised on the acquisition and divestment of television broadcasters (including ProSiebenSat.1, Sky Deutschland, N24, VOX, TM3, and Das Vierte), major television rights packages (such as the UEFA Champions League, NFL, Bundesliga, and film and series packages), as well as cable network operators (Unitymedia, Tele Columbus, PrimaCom, pepcom) and mobile spectrum transactions (3G and 5G). He has also supported clients in the structuring of joint ventures (e.g., Visoon), a data single sign-on alliance (netID), and continues to advise on the market entry of leading video-on-demand (VoD) providers.Christoph is an Honorary Professor at the University of Potsdam, where he teaches courses on digital platforms and artificial intelligence. He is a frequent speaker on media and communications topics and has published numerous articles and monographs, including on media concentration, digitalization, anti-piracy, cable consolidation, AI, and net neutrality.Christoph heads Morrison Foerster’s global media practice.He has been a notary public based in Berlin since 2000.<h4>Representative Experience</h4><ul><li dir="ltr">Deutsche Bahn on the Data Factory AI project regarding autonomous train control.</li></ul><ul><li>Deutsche Bahn on the conception of an AI-controlled large language model.</li><li>1&1/United Internet on its initiative of funding a European netID foundation together with ProSiebenSat.1 and RTL.</li><li dir="ltr">SoundCloud on the acquisition of AI platform Musiio.</li><li dir="ltr">NFL on all aspects relating to matches and broadcasting rights in Germany.</li></ul><ul dir="ltr"><li>Viacom on the TV and video ad sales marketing joint venture Visoon with Axel Springer.</li><li>Axel Springer SE, the leading German publishing company, on the acquisition of N24 Media GmbH, Germany’s largest independent news TV channel.</li><li dir="ltr">Representation in a number of large media and telecom transactions, including Haim Saban’s acquisition of ProSiebenSat.1; NewsCorp’s acquisition and re-ﬁnancing of Premiere/Sky Deutschland; NewsCorp’s acquisition of the TV stations Vox and Tm3 as well as the TV rights to the UEFA Champions League; STUDIOCANAL’s acquisition of Kinowelt and Tandem; the privatization of the Babelsberg Film Studios; and NBCU’s disposition of TV channel Das Vierte and the subsequent sale to Disney.</li></ul>

Prof. Dr. Christoph Wagner berät Medien- und Kommunikationsunternehmen seit mehr als 25 Jahren bei komplexen Transaktionen und strategischen regulatorischen Fragen z. B. des Marktzugangs und der Regulierung künstlicher Intelligenz.Er betreute den Erwerb und die Veräußerung von TV-Anbietern (ProSiebenSat.1, Sky Deutschland, N24, Vox, TM3, Das Vierte), großen TV-Rechtepaketen (UEFA-Champions League, NFL, Bundesliga, Film- und Serien-Pakete) sowie von Kabelnetzbetreibern (Unitymedia, Tele Columbus, PrimaCom, pepcom) und Mobilfunk-Spektrum (3G, 5G). Er unterstützte Mandanten bei der Strukturierung von Joint Ventures (z. B. „Visoon“), einer Daten-Single-Sign-On-Allianz („netID“) und begleitet den Marktzugang von führenden VoD-Anbietern.Prof. Dr. Christoph Wagner ist Honorarprofessor an der Universität Potsdam und lehrt zu digitalen Plattformen und KI. Er referiert regelmäßig zu Medien- und Kommunikationsthemen und hat zahlreiche Artikel sowie Monographien veröffentlicht, u. a. zu Medienkonzentration, Digitalisierung, Anti-Piraterie, Kabelkonsolidierung, KI und Netzneutralität.Prof. Dr. Christoph Wagner leitet die globale Medienpraxis von Morrison Foerster.Seit 2000 ist er Notar mit Amtssitz in Berlin.<h4 dir="ltr">Referenzen</h4><ul><li>Beratung der Deutschen Bahn beim KI-Projekt Data Factory bzgl. autonomer Zugsteuerung</li><li>Beratung der Deutschen Bahn bei der Konzeption eines KI-gesteuerten Large Language Modells</li><li>Beratung von SoundCloud beim Erwerb der KI-Plattform Musiio</li><li dir="ltr">Beratung der NFL und einzelner NFL-Clubs im Zusammenhang mit den Pflichtspielen in Deutschland</li></ul><ul><li dir="ltr">Beratung von 1&1/United Internet bei der Initiierung und Gründung der „European netID Foundation“ mit ProSiebenSat.1 und RTL</li><li>Beratung von Viacom beim Joint Venture „Visoon“ für TV- und Videovermarktung mit der Axel Springer SE</li></ul><ul dir="ltr"><li>Beratung von Axel Springer beim Erwerb von N24 Media und im Verfahren bezüglich der Zulassungspflicht von Bild.de</li><li>Betreuung diverser Transaktionen im Bereich Medien und Telekommunikation, u. a. beim Erwerb von ProSiebenSat.1 durch Haim Saban, dem Erwerb und der Reﬁnanzierung von Premiere/Sky Deutschland durch NewsCorp., dem Erwerb der Fernsehsender Vox und Tm3 durch NewsCorp. sowie dem Erwerb von Fernsehrechten an der UEFA Champions League, dem Erwerb von Kinowelt und Tandem durch StudioCanal, der Privatisierung der Filmstudios Babelsberg, der Veräußerung des Fernsehsenders „Das Vierte“ durch NBCU und dem anschließenden Verkauf an Disney</li><li dir="ltr">Beratung bei einer Reihe von Transaktionen im Bereich Kabel, u. a. Tele Columbus beim Kauf der Wettbewerber PrimaCom und pepcom sowie im Zusammenhang mit dem Zusammenschluss von Vodafone und Liberty</li></ul>

Christoph Wagner

Co-Chair Global Film & Entertainment Practice

Yui Hirohashi is an associate in the Corporate Department of Morrison Foerster’s Tokyo office.Yui earned her J.D. from Harvard Law School and received her A.B. from Harvard College, where she graduated magna cum laude with Highest Honors.Prior to joining Morrison Foerster, she was an associate in the New York and Tokyo offices of another leading international law firm.Yui is admitted to practice law in the state of New York.She is fluent in English and Japanese.

Yui Hirohashi

Associate

Karin Ito is an associate of Morrison Foerster Law Offices.Karin received her LL.B. from Keio University in 2013, her J.D. from Keio University Law School in 2016, and completed her training at the Legal Training and Research Institute of the Supreme Court of Japan in December 2017 (70th trainee). She also earned an LL.M. from the University of California, Los Angeles, School of Law in 2022.Karin is a bengoshi admitted to practice in Japan and is a member of the Daiichi Tokyo Bar Association.

Karin Ito

Shunsuke Umeda is an associate of Morrison Foerster Law Offices.Shunsuke earned his J.D. from the University of Tokyo and completed his training at the Legal Training and Research Institute of the Supreme Court of Japan (77th trainee). He received his B.A. from the Chuo University.Shunsuke is a bengoshi admitted to practice in Japan and is a member of the Daini Tokyo Bar Association.