Linklaters, Freshfields act on restructure of two of Hong Kong's biggest conglomerates
The magic circle firms took lead roles as Asia's richest man reshuffled his two main businesses.
January 13, 2015 at 10:39 PM
2 minute read
Linklaters and Freshfields have acted alongside Hong Kong firm Woo Kwan Lee & Lo on the restructuring of two of the city's biggest conglomerates, owned by local billionaire Li Ka Shing.
The $24bn deal sees Cheung Kong Holdings and Hutchison Whampoa bring all of their non-property assets into a new company called CK Hutchison Holdings, while the real estate portfolio will now come under another newly formed business, Cheung Kong Property Holdings.
There were three core transactions as part of the restructure, namely: the reorganisation of Cheung Kong into a Cayman Islands-incorporated company, a merger between Hutchinson Whampoa and the newly formed CK Hutchison Holdings, and a spin-off of the merged group's property assets.
Woo Kwan Lee & Lo advised Cheung Kong across all three aspects of the deal, with a team led by Frank Yuen and Angelina Lee.
On the merger, Freshfields Bruckhaus Deringer advised Hutchinson Whampoa, headed up by Greater China head Teresa Ko alongside another Hong Kong corporate partner Grace Huang.
Linklaters meanwhile acted for the banks – which included HSBC as lead financial advisor on the reorganisation and also as joint sponsor with Bank of America Merrill Lynch on the spin off.
The magic circle firm's team was led by Hong Kong partner Craig Dally, alongside corporate finance partner Rob Cleaver and US capital markets lawyer Pam Shores.
In a filing with the Hong Kong stock exchange, Cheung Kong said the expected drivers behind the deal included an increase in dividend payout ratios, the creation of shareholder value, and greater transparency and financing flexibility.
Shares in both companies have surged following the deal.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Simpson Thacher, Nishimura, Mori Hamada Assist on KKR's $4B Winning Bid in Japan
Skadden to Close in Shanghai and Make Cuts to China Corporate Practice
Pinsent Masons Hires DLA Piper M&A Partner as Part of Growth Strategy
2 minute read
Trending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Abbott, Mead Johnson Win Defense Verdict Over Preemie Infant Formula
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4Greenberg Traurig Initiates String of Suits Following JPMorgan Chase's 'Infinite Money Glitch'
- 5Data-Driven Legal Strategies
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
