Four New York firms have the lead roles on a proposed $890 million deal to take private U.S.-listed Chinese telecommunications software company AsiaInfo-Linkage Inc.
The deal would see the company, which had its Nasdaq initial public offering in 2000, de-listed and sold for $12 a share to a consortium led by the private equity arm of China’s CITIC Capital Holdings Ltd. and AsiaInfo co-founder Edward Tian. AsiaInfo-Linkage’s board of directors, upon the recommendation of a special independent committee convened by the company, has approved the merger agreement and will recommend that shareholders do the same.
Davis Polk & Wardwell
Hong Kong partner Mark Lehmkuhler is acting as U.S. counsel to CITIC Capital Partners.
Skadden, Arps, Slate, Meagher & Flom
Beijing partner Peter Huang is advising Edward Tian and his media and communications-focused private equity company China Broadband Capital Partners II. Ropes & Gray Hong Kong partner Brian Schwarzwalder advised AlpInvest, a member of the buyer consortium.*
Shearman & Sterling
Hong Kong partner Paul Strecker and Beijing partner Lee Edwards represented special committee of the board of directors of AsiaInfo-Linkage.
Fried, Frank, Harris, Shriver & Jacobson
Hong Kong partners Douglas Freeman and Victor Chen, as well as New York partner Philip Richter, are acting for Goldman Sachs (Asia), which was financial adviser to the special committee.*
The deal is still subject to customary closing conditions, and the companies did not say when the transaction is expected to close.
Several formerly U.S.-listed Chinese companies have been taken private in similar transactions over the past two years, as fears of incomplete disclosures have caused their share prices to plummet.
This story was udpated to include Hong Kong partner Victor Chen as part of the Fried, Frank, Harris, Shriver & Jacobson team advising Goldman Sachs (Asia).
Ropes & Gray Hong Kong partner Brian Schwarzwalder has been added to the story for his role as adviser to AlpInvest.