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Clifford Chance advises ORIX Corporation on antitrust and China merger control aspects of its acquisition of DHC Corporation

20 February 2023

Clifford Chance advises ORIX Corporation on antitrust and China merger control aspects of its acquisition of DHC Corporation

Leading international law firm Clifford Chance has advised ORIX Corporation, a Japanese financial services group, as international counsel on the antitrust and China merger control aspects of its approximately JPY300 billion (US$2.1 billion) acquisition of DHC Corporation, a leading Japanese manufacturer of cosmetics and health foods. DHC products are sold through a variety of channels, including its network of directly-owned stores, mail-order sales, convenience stores and pharmacies.

Partner Yong Bai, associate Michael Yan and trainee Xiaohan Sun in Beijing advised on China merger control, together with counsel Masafumi Shikakura and associate Machiko Ishii in Tokyo. Local counsel GEN Law Firm provided PRC law advice.

Yong Bai said, "We are delighted to have worked closely with ORIX and wish them every success in DHC's next phase of growth. With the Chinese antitrust authorities increasing scrutiny on all fronts, more than ever it is mission-critical to obtain timely merger control and antitrust clearances for complex cross-border M&A transactions. This deal represents the deep expertise of our Asia Pacific antitrust team."