The telecommunications and broadcasting sectors in Japan are experiencing a surge in activity and the latest move comes from Sumitomo Corporation. The company has submitted a tender offer to boost its holdings in Jupiter Telecommunications (JCOM). Following completion of its tender offer, Sumitomo is expected to become JCOM’s largest shareholder.

Morgan Lewis-TMI has an existing relationship with Sumitomo Corporation and advised on the restructuring of Jupiter TV in 2007 and on the company’s acquisition of a 30% interest in Jupiter Shop Channel in 2008. “I also represented Sumitomo at the time the partnership between Sumitomo and Liberty was formed in 2004,” said Lisa Yano, co-managing partner at Morgan Lewis-TMI and co-managing partner of the Tokyo office of Morgan Lewis & Bockius.

The firm will work with Sumitomo Corporation to complete the tender offer and the closing of the acquisition of shares. “The TOB period is expected to continue from 3 March until 14 April, although it could be extended in certain circumstances,” said Yano. “Assuming the TOB is successful, the closing would occur about a week after the end of the TOB period.”

This may only be the beginning of legal work arising from this industry. “There has been a great deal of activity in the telecommunications and broadcasting sectors in recent years in Japan and we expect to see further consolidation and integration going forward,” said Yano.

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