Firms including Davis Polk & Wardwell, Shearman & Sterling, Skadden, Arps, Slate, Meagher & Flom, Akin Gump, Ropes & Gray, , Fried, Frank, Harris, Shriver & Jacobson and Paul Hastings have acted in Nasdaq-listed Asiainfo-Linkage Inc’s privatisation.
The transaction is the latest example of the growing number of buyouts of U.S.-listed Chinese companies, with a consortium led by China's CITIC Capital and Singapore state investor Temasek Holdings having agreed to buy the Chinese telecommunication software maker for nearly $900 million.
The consortium, which includes company founder Edward Tian, is expected to stump up about $670 million in equity, while the rest of the funding will be through a $330 million debt package, according to Reuters.
Other co-buyers in the consortium include CITIC PE, AlpInvest, InnoValue Capital and Qatar Holding, and have offered $12 per share for the remaining stock in AsiaInfo-Linkage. The Bank of Taiwan, Cathay United Bank, ICBC International Capital Ltd, Maybank Investment Bank Berhad and Nomura International (Hong Kong) Ltd have agreed as mandated lead arrangers to arrange a debt facility for the aggregate amount of $330 million to provide debt financing for the acquisition.
Morgan Stanley acted as the lead financial adviser to CITIC Capital Partners together with co-advisors Nomura International (Hong Kong) Ltd and ICBC International Capital Ltd. Goldman Sachs (Asia) LLC, meanwhile, acted as financial adviser to the special committee of the board of directors. China Renaissance Holdings Ltd was the financial adviser to Edward Tian.
In this multiparty transaction, Davis Polk acted as U.S. legal adviser to CITIC Capital Partners. Its team included partners Mark Lehmkuhler, Bradley Smith, Jeffrey Crandall, John Paton and Frank Azzopardi from its Hong Kong, London and New York offices.
Shearman & Sterling was U.S. legal adviser to the special committee. Its team included partners Paul Strecker, Lee Edwards, Laurence Crouch, John Canon, Patricia Hammes, Sanja Udovicic, Philip Urofsky and Richard Hsu.
Skadden, meanwhile, acted for Edward Tian and China Broadband Capital Partners II. AlpInvest and CITIC PE were advised by Ropes & Gray and Akin Gump respectively. Fried, Frank, Harris, Shriver & Jacobson advised Goldman Sachs.
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