JAFCO Co., Ltd. (TSE:8595) agreed to acquire 95% stake in Payroll, Inc. from Baring Private Equity Asia for $60 million on April 9, 2013. Mitsuhiro Kamiya and Michael J. Mies of Skadden, Arps, Slate, Meagher & Flom, L.L.P. acted as the legal advisors to Baring Private Equity Asia.

JAFCO Co., Ltd. (TSE:8595) completed the acquisition of 95% stake in Payroll, Inc. from Baring Private Equity Asia on April 10, 2013.