Baker & McKenzie Advised Heiwa Corporation On Acquisition Of PJC Investments

Baker & McKenzie Advised Heiwa Corporation On Acquisition Of PJC Investments

Baker & McKenzie (Gaikokuho Joint Enterprise) ("Baker McKenzie") advised Heiwa Corporation (“Heiwa”), the operator of Pacific Golf Management K.K. (“PGM”), one of Japan's largest golf course management companies, on its acquisition of all shares in PJC Investments Holdings L.P. (“PJC Investments”), the parent company of Accordia Golf Co., Ltd. (“Accordia Golf”). The deal, valued at JPY 510 billion (approximately USD 3.5 billion), was finalized on 18 December 2024 when Heiwa entered into a share purchase agreement, making PJC Investments a wholly-owned subsidiary. The closing is expected on 31 January 2025, subject to completion of merger clearance and other conditions.

Accordia Golf, with 173 golf courses as of 30 November 2024, is the largest golf course operator in Japan. Heiwa’s acquisition will expand its portfolio to a total of 321 courses, including its own 148 golf courses. This positions Heiwa as not only Japan’s largest golf course management company but also the largest in the world by number of golf courses owned, according to YH Research Inc.

The Transaction and related debt financing were led by Kiyoshi Endo, Partner in the Baker McKenzie Tokyo Corporate / M&A Group. He was supported by Counsel Masao Tozaki and Hiroyuki Kitamura, and Associates Takatoshi Kashiwara and Lisa Nagao.