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Japanese law firms Mori Hamada & Matsumoto and Nagashima Ohno & Tsunematsu are playing key roles in Paloma Rheem Holdings' 257 billion yen ($1.6 billion) offer to acquire air conditioner manufacturer Fujitsu General.

Mori Hamada & Matsumoto is acting as legal advisor for Paloma Rheem Holdings, while Nagashima Ohno & Tsunematsu is representing Fujitsu General in the deal, which would see the maker of oven ranges and water heaters expand its presence in the air-conditioning market.

BofA Securities Japan is serving as financial advisor to Paloma Rheem Holdings, while Mizuho Securities is advising Fujitsu General.

The deal marks the latest move in Fujitsu's strategy to divest non-core operations and focus on its primary IT business. The parent company, Fujitsu, will separately sell its stake in the unit for approximately 92 billion yen.

The Mori Hamada team was led by partners Gaku Ishiwata, Akira Matsushita, Masaki Kakimoto and Yuma Ito.

 

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