Posted on April 13, 2012 at 7:04 PM
Clifford Chanceadvised Metropolitan Light Company, formed by CVC Capital Partners, on their $641 million acquisition of City Telecom of Hong Kong. City Telecom’s IDD business in Hong Kong and Canada, and Hong Kong Broadband Network, which is the 2nd largest broadband operator in Hong Kong, was acquired by CVC. Standard Chartered Bank and JP Morgan backed this deal with a HK$2.5 billion loan. Clifford Chance partners Neeraj Budhwani from Hong Kong and Andrew Whan from Tokyo co-led the deal, and partner Matthew Truman advised on the financing of the transaction in Hong Kong. Latham & Watkins represented City Telecom.
Genting Singapore’s $397 million Perpetuals IssuanceAdvised by Allen & Gledhill, casino operator Genting Singapore plans a second perpetual securities issuance of $397 million to expand into Japan and South Korea. They plan to sell S$500 million ($397 million) in perpetual subordinated capital securities, hoping Japan and South Korea will legalize casinos. DBS is the sole global coordinator of the offering as well as one of the lead managers and book runners of the deal along with Oversea Chinese Banking Corp (OCBC). Partners Margaret Chin and Cara Chan, senior associate Diana Lim and associate Samuel Lee are part of Allen & Glenhill’s advising team for this deal. Clifford Chance is advising DBS and OCBC on Singapore law as well as the trustee on Singapore law. Cains is advising the issuer on Isle of Man law.
Chalco’s $926 million Takeover BidAdvised by Clifford Chance, the Aluminum Corporation of China Limited (Chalco) purchased a stake in Mongolian coal miner SouthGobi Resources of $926 million from Canada’s Ivanhoe Mines for $8.45 per share. Clifford Chance partner Tim Wang and counsel Jean Yu from the Beijing office led the team for this deal with the support of Hong Kong partner Amy Lo and Shanghai partner Jean Thio. They advised Calcho on Hong Kong and U.S. law and worked with Chinese law firm JT&N, Chalco’s China counsel, and Fasken Martineau, Chalco’s Canadian counsel. Goodmans advised Ivanhoe, and Freshfields advised SouthGobi.
Dickinson Wright’s Alliance with Macau FirmOn Monday Dickinson Wright announced their alliance with Macau firm MdME. This alliance was made in an attempt of Dickinson Wright to capture legal work in the world’s largest gaming market. Macau is the only area of China where gambling is legal and it’s gambling revenue increased by 42% last year to approximately $33.5 billion. Through this alliance Dickinson and MdME have agreed to refer work to each other and share the revenues from these referrals.
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