Allen & Overy and Clifford Chance advise as Chinese group buys Italian sports rights business
Magic circle duo land roles as Chinese appetite for global sports deals continues
May 26, 2016 at 12:16 AM
2 minute read
Allen & Overy (A&O) and Clifford Chance (CC) have won roles advising as a Chinese investment group buys a majority stake in Italy's sports media rights business MP & Silva.
The deal values MP & Silva at more than $1bn (£680,000).
Chinese financial services company Everbright Securities and internet entertainment company Beijing Baofeng Technology have bought a 65% stake in the business through an investment vehicle.
A&O advised MP & Silva on the transaction. Its team was led by managing partner Andrew Ballheimer and included City senior associate Matthew Appleton.
It is the second big media deal for A&O this week, after it landed a role representing the Nasmyth family on its exit from Argus Media. Its team on that deal was also led by Ballheimer, alongside City corporate partners George Knighton and Sara Pickersgill.
CC acted for Everbright and Baofeng with a team led by global head of media Daniel Sandelson, supported by senior associates Brian Harley and Jennifer Mbaluto in London. They worked closely with a corporate team in Beijing, led by China co-managing partner Terence Foo.
The deal follows CC's appointment as the official law firm for the Rugby World cup 2015.
Sandelson said: "Chinese businesses are looking to diversify out of the Chinese domestic market. The sports rights market provides a good solid revenue stream. It gives you the opportunity to move into player management and club ownership."
Ballheimer added: "We're seeing a lot of outbound investment by Chinese companies into Europe, especially in the TMT sector."
It is the latest in a series of global sports-related deals by investors from China.
In February last year, Chinese investor Dalian Wanda Group acquired Swiss sports marketing company Infront Sports & Media from European private equity business Bridgepoint, for €1.05bn (£800,000).
CC and Latham & Watkins advised Dalian Wanda, while Infront was advised by Swiss firms Blattchen & Partner and Homburger.
In December 2015, a consortium of Chinese businesses invested $400m (£272m) to take a 13% share in the City Football Group (CFG), which owns Manchester City.
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