Shearman & Sterling and Anderson Mori & Tomotsune are advising Japanese educational services provider Benesse Holdings on a 270-billion-yen ($1.78 billion) management buyout (MBO) plan proposed by Swedish investment house EQT AB Group, represented by White & Case. Mori Hamada & Matsumoto acts for the all stakeholders on this MBO scheme.

The move comes as Benesse's mail schooling courses struggle with declining student numbers, the Nikkei reported, adding that the company would try to jump-start its business under private ownership if the buyout is successful. The tender offer to commence the MBO is expected to start in February 2024.

The Shearman team was led by partners Karl J. Pires and Toshiro Mochizuki, while the AMT team was headed by partners Keiko Kaneko and Takao Shojima.

The White & Case team was led by partners Naoya Shiota, Nels Hansen and Clara Shirota.

Partners Makoto Sakai and Masaaki Hirota led the MHM team.