Sony in Spin-Off of Sony Financial Group

Cleary Gottlieb represented Sony Group Corporation (Sony) in its spin-off of Sony Financial Group (Sony FG) from Sony through a distribution of over 80% of Sony FG’s total outstanding shares to Sony’s stockholders.

Cleary advised Sony on U.S. regulatory aspects of the spin-off, which has taken place in Japan and closed on October 1, 2025. Sony FG’s shares are listed on the Tokyo Stock Exchange. American Depositary Shares (ADS) representing Sony FG’s shares, issued under an unsponsored American Depositary Receipt program established by J.P. Morgan, have been distributed to holders of Sony ADSs in the U.S.

Sony is a leading global conglomerate headquartered in Tokyo, Japan. Founded in 1946, Sony has become one of the most recognizable technology and entertainment companies in the world, known for innovation, consumer products, and content creation.

Sony FG serves as a financial holding company and primarily consists of Sony Financial Group Inc., Sony Life Insurance Co. Ltd., Sony Assurance Inc., and Sony Bank Inc.

Cleary represented Sony in its take-private transaction of Sony FG in 2020.