Paul, Weiss, Rifkind, Wharton & Garrison has advised U.S. asset manager Janus Capital Group (Janus) on its strategic alliance with Japan’s largest listed life insurer Dai-ichi Life (Dai-Ichi), which was counseled by Davis Polk & Wardwell.

In a statement, Dai-ichi said it would purchase more than 15 percent and up to a maximum of 20 percent of Janus within a year from the market, and by exercising stock options. This would value the deal at about $300 million, according to Reuters.

The Paul Weiss team was led by Kaye Yoshino in Japan, and New York-based partners Toby Myerson and Steven William.

Meanwhile, Theodore Paradise led Davis Polk’s Tokyo team alongside New York partners George Bason Jr. (corporate), Michael Davis (corporate), Lawrence Portnoy (litigation), Angela Burgess (litigation), Kyoko Takahashi Lin (executive compensation), and Nora Jordan (investment management).

Janus has sold conditional options to Dai-ichi for the Japanese insurer to buy up to 14 million shares of the asset manager. Janus is expected to buy back its shares to offset the share dilution from the transaction.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter:@ALB_Magazine.

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