Attorneys from Orrick, Herrington & Sutcliffe in San Francisco, Shanghai and Hong Kong are representing software development company VanceInfo Technologies Inc. in an $875 million all-stock merger with smaller rival hiSoft Technology International Ltd.
M&A and private equity partner Richard Vernon Smith and Shanghai capital markets partner Jeffrey Sun led the deal, which creates the largest China-based offshore IT services provider, and is one of the largest mergers between two Chinese companies listed in the United States, according to a press statement released by the companies.
They were assisted in San Francisco by compensation and benefits partner Juliano Banuelos, tax partner Grady Bolding and senior associate Jason Flaherty. M&A and private equity partner Maurice Hoo helped out from Hong Kong, along with associates Catarina Cardoso and John Li.
Attorneys from Simpson Thacher & Bartlett in Hong Kong and London led hiSoft's legal team, with help in Palo Alto from executive compensation and employee benefits partner Tristan Brown and tax partner Katharine Moir, along with associates Sarah Dale and Daniel Foster.
Under the agreement, VanceInfo and hiSoft shareholders will each own about half of the combined company.
For now, hiSoft will be the surviving listed company, and its shares will continue to be listed on the Nasdaq. A new name for the combined companies will be announced soon, the companies said.
The combined company will employ more than 23,000 people. HiSoft CEO Tiak Koon Loh will head the new company and VanceInfo CEO Chris Chen will become a nonexecutive chairman once the merger is completed. The deal is expected to close in the fourth quarter.