Freshfields Bruckhaus Deringer has advised Chinese conglomerate Citic Ltd. on a $6.9 billion share placement to fund its $36.5 billion acquisition of assets from parent Citic Group.
The acquisition, which closed last week, was part of a new round of state-owned enterprise reform in China. The deal involved Citic Group transferring $36.8 billion of business—mainly in the banking, construction and energy sectors—to its Hong Kong-listed subsidiary, Citic Pacific. Hong Kong-based Citic Pacific will be renamed Citic Ltd. on Sep. 1 and become the headquarters of the group.
