Herbert Smith Freehills has advised longstanding client Mitsui & Co., Ltd. on its acquisition of a 25% interest in Norway's Hexagon Composites ASA, listed on the Oslo Stock Exchange, for approximately NOK833 million (US$96 million).

Hexagon is a market leader in the production of lightweight carbon fibre composite pressure cylinders for gas storage and transportation.

A cross-office Herbert Smith Freehills team, led by the firm's Tokyo office, advised Mitsui on all aspects of the transaction.

"This was an exciting fast-paced deal to work on for Mitsui, demonstrating the strength of our Japanese outbound M&A practice and our ability to leverage network resources for clients," said Tokyo corporate partner Lex Papasolomontos, who led the deal team advising Mitsui.

Lex was assisted by Tokyo associates James Willis and Elisa Hayashi.

Lawyers around the Herbert Smith Freehills network supported the Tokyo deal team, including those in New York, London and Moscow.

Herbert Smith Freehills was assisted by partner Baard Bale and managing associate Knut Martinsen of Thommessen on Norwegian law aspects.