Davis Polk & Wardwell advised Morgan Stanley & Co. International Limited and Daiwa Securities SMBC Co. Ltd. as joint global coordinators on a combined U.S. private placement and Regulation S offering of ¥194 billion ($1.8 billion) of common stock by NEC Corporation. This is the largest non-bank primary share offer since NTT DoCoMo’s in 2001.
Headquartered in Tokyo, Japan, NEC is a leading provider of advanced information technology (IT) and networking solutions to business enterprises, communications services providers and government entities.
The Davis Polk corporate team included partner Theodore A. Paradise and associates Tomohiko Oshikawa and Gerhard Radtke of the Tokyo office. Partner John D. Paton and associate Christopher Peters of the London office provided tax advice. Koto Sasaki and Susan M. Minehan of the Tokyo office were the legal assistants for the transaction.