Freshfields Bruckhaus Deringer is advising Chinese state-owned investment company Citic Group on a restructuring that will see a Hong Kong-based subsidiary acquire the assets of the Beijing-based parent for $36.8 billion.
After the transaction, the group will inject its main businesses, which include banking, construction and energy, into Hong Kong-listed Citic Pacific Ltd. and relocate its headquarters from Beijing to Hong Kong. Citic Pacific will also change its Citic Ltd.
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