MoFo Represents Fortress Investment Group in USD 3+ Billion Sale of Accordia Golf

Morrison Foerster (“MoFo”) is advising long-standing client Fortress Investment Group, a U.S.-based investment management firm, in connection with the sale of its portfolio company operating Accordia Golf courses in Japan to Heiwa Corporation (“Heiwa”) (TYO:6412). The enterprise value of the target company is JPY 510 billion (USD 3.32 billion), and Heiwa will pay the purchase price of JPY 253 billion (USD 1.65 billion), subject to adjustments. The transaction is scheduled to close on January 31, 2025, subject to antitrust/competition and regulatory approvals.

Heiwa is a Japanese leisure company listed on the Tokyo Stock Exchange and operates 148 golf courses in Japan under the brand of Pacific Golf Management. After the completion of the transaction, Heiwa will hold 321 golf courses and become the world’s largest owner of golf courses.

The MoFo team was led by Corporate Partner Mitsutoshi Uchida and Global Co-chair of MoFo’s M&A practice Jeremy White, with support provided by Associate Hisatada Ohashi. Broader team members also included Tokyo office antitrust Partner Tomohiko Kimura, labor law Of Counsel Wataru Shimizu, and Corporate Associate Chisa Uebayashi.