On July 3, 2025, ORIX Corporation USA and Hilco Global announced a definitive agreement under which ORIX USA will acquire a majority equity ownership of Hilco Global. The proposed transaction will accelerate ORIX USA’s growth by adding Hilco Global’s extensive valuation expertise, advisory platform, and asset-based lending investment capabilities to complement and expand ORIX USA’s middle-market focused credit platform.

Under the terms of the agreement, Hilco Global will operate as a subsidiary of ORIX USA. Jeffrey B. Hecktman, Executive Chairman, Chief Executive Officer, and Founder of Hilco Global, will continue to lead Hilco Global as Chief Executive Officer, and Hilco Global’s executive leadership and partner base will retain a minority equity ownership position going forward.

The transaction is expected to close in the third quarter of 2025 after the satisfaction of customary closing conditions and the receipt of required regulatory approvals.

Torys is acting Canadian counsel for ORIX USA with a team that includes John Emanoilidis, Justin Crawford and Mitchell Hayes (corporate/M&A), Tom Stevenson and Parker Baglole (employment), Michael Fortier (environmental), Ed Fan and Jacquelyn Smalley (IP), Mavra Choudhry (privacy) and Jerald Wortsman (tax).

Davis Polk & Wardwell LLP provided legal counsel to ORIX USA.

J.P. Morgan Securities LLC served as financial advisor to Hilco Global, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel.