Davis Polk, S&C Advise on $1.1 Billion Japanese Exchanges Merger
The Tokyo Stock Exchange Group has plans to acquire the Osaka Securities Exchange for a $ 1.1 billion deal. The rivals are planning the merger by January 2013 in the midst of growing competition for business among global exchanges. The merger will be named Japan Exchange Group and will be third largest of the world after NYSE Euronext and Nasdaq OMX Group. TSEG Has hired Japanese firm Nagashima Ohno & Tsunematsu and Davis Polk & Wardwell as counsel. OSE, meanwhile, is being represented by Nishimura & Asahi, TMI Associates, and Sullivan & Cromwell.