CC and Freshfields advise on Temasek's $5.7bn investment in Hong Kong retailer
Clifford Chance and Freshfields Bruckhaus Deringer are advising on Singapore investor Temasek's purchase of a 24.9% stake in Hong Kong retailer A.S. Watson for $5.7bn.
March 24, 2014 at 12:30 AM
2 minute read
Clifford Chance and Freshfields Bruckhaus Deringer are advising on Singapore investor Temasek's purchase of a 24.9% stake in Hong Kong retailer A.S. Watson for $5.7bn (£3.5bn).
The government-owned company, which has a portfolio of assets worth $168bn (£102bn) located across Asia, North America, Europe, Australia and New Zealand, said it wanted to boost its exposure to the consumer retail sector with a balanced focus on Asia and Europe.
A.S. Watson is the retail division of Hutchison Whampoa – an investment company owned by Asia's richest man Li Ka-shing.
The group, whose 15 brands include ParknShop, Watsons, Superdrug and The Perfume Shop, currently owns more than 10,500 stores in 34 markets.
Clifford Chance is acting for the Singapore investor on the transaction, with a team in Hong Kong being led by corporate partners Amy Lo, Neeraj Budwani and Asia managing partner Peter Charlton.
Freshfields is meanwhile representing Hutchison Whampoa, with a group being led by the firm's Asia managing partner Robert Ashworth and Hong Kong corporate partner Simon Weller.
In a statement on Friday, Hong Kong-listed Hutchison Whampoa (HWL) said it would use part of the proceeds from the sale to pay a special dividend of HK$7 per share to its shareholders, with the balance used by HWL for general working capital purposes.
The deal, which is still subject to approval, is understood to be Temasek's single biggest investment.
Related: Simpson and Kirkland lead as Alibaba eyes AutoNavi buyout
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