Shearman & Sterling advised Toyota Motor Corporation on its subsidiary through a share exchange by which Toyota Auto Body will become a wholly-owned subsidiary of Toyota. The implied aggregate value of the Toyota Auto Body shares that were not already owned by Toyota was approximately $953 million.

Toyota is one of the leading companies in the worldwide automotive market in terms of vehicle production and sales. Toyota Auto Body is a specialized manufacturer of Toyota passenger and commercial vehicles.

Shearman & Sterling acted as U.S. counsel to Toyota in the transaction. The Shearman & Sterling team consisted of partners Masahisa Ikeda (Tokyo-Capital Markets) and Kenneth Lebrun (Tokyo-Mergers & Acquisitions), counsel Satoko Kato (Tokyo-Capital Markets), associates Kana Morimura (Tokyo-Capital Markets), Raleigh Morgan (Tokyo-Mergers & Acquisitions) and Naho Tajima (Tokyo-Capital Markets), and legal specialists Ariel Weber (Tokyo-Mergers & Acquisitions) and Mizuho Sadamasu (Tokyo-Capital Markets).