Freshfields and Kirkland lead on spin-off and listing of Li & Fung brands unit
Freshfields Bruckhaus Deringer and Kirkland & Ellis are advising on the proposed spin-off and Hong Kong listing of global consumer goods exporter Li & Fung's brands and licensing business.
May 22, 2014 at 03:55 AM
2 minute read
Freshfields Bruckhaus Deringer and Kirkland & Ellis are advising on the proposed spin-off and Hong Kong listing of global consumer goods exporter Li & Fung's brands and licensing business.
The Hong Kong-headquartered company, announced its intention to separate the business in March designating CEO Bruce Rockowitz to lead the new entity, Global Brands Group, and COO Spencer Fung to take his place at Li & Fung.
In the company's annual report for 2013, group chairman William Fung said the brands business had generated revenues of $3.3bn during the year, with more than 350 brands and 3,000 employees.
In a statement Li & Fung said the listing was not a fund raising exercise, and that Li & Fung shareholders would receive one share in the spin-off for every share they already own.
It has now submitted its listing application to the Hong Kong stock exchange for approval, and is expected to list in the coming three months.
Freshfields is acting for the issuer on the deal, with a team being led by China corporate partner Teresa Ko, who specialises in Hong Kong IPOs.
Kirkland is meanwhile acting for joint sponsors Goldman Sachs, Citigroup and HSBC, with a team being headed by Hong Kong capital markets partners Dominic Tsun and Li-Chien Wong.
Li & Fung is a major supplier of clothes, toys and other products to retailers like Wal-Mart and Macyʼs.
Its decision to split the company is based on the distinct needs and business models of the two groups.
Related: CC and Latham advise on Hong Kong IPO of China's Huishang Bank
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