Am Law 100 Firms Lead on $1.4B Chinese Healthcare Deal
Winston, Simpson Thacher, Kirkland, Cleary, Paul Hastings and Hughes Hubbard are on a New York-listed blank-check company's acquisition of a Chinese hospital operator.
August 02, 2019 at 02:11 PM
3 minute read
Photo: PongMoji/Shutterstock.com
Winston & Strawn, Simpson Thacher & Bartlett, Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton and Paul Hastings have the lead roles on a $1.4 billion deal that will see a high-end Chinese healthcare group change hands.
New Frontier Corp., a Chinese investment company that listed on the New York Stock Exchange last year, is acquiring Chinese hospital operator United Family Healthcare for $1.4 billion from U.S. private equity firm TPG and Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co. Ltd.
New Frontier will fund the acquisition with $478 million in cash proceeds from last year's initial public offering, $565 million raised from a share placement to investors including Palo Alto-based healthcare-focused investment firm Vivo Capital and Hong Kong-based property group Nan Fung Group, and a $300 million loan facility.
Hong Kong-based New Frontier is chaired by Anthony Leung, former financial secretary of the Hong Kong government, who also chairs Nan Fung Group. After the acquisition, Leung will also chair the new company, New Frontier Health Corp. The transaction is expected to be completed in the fourth quarter this year, subject to approval by shareholders of New Frontier and Fosun Pharma.
New Frontier is being advised by Winston, Simpson Thacher, and Kirkland. Global Law Office is advising New Frontier on Chinese law.
Winston fielded a team led by New York partner Joel Rubinstein. He is supported by New York partners Jonathan Rochwarger and Elliott Smith on corporate and securities law, and Nyron Persaud on executive compensation matters.
The Simpson Thacher team includes merger and acquisition partners Patrick Naughton in New York and Yang Wang in Beijing; and New York partners Robert Holo on tax issues and Laurence Moss on executive compensation matters.
Cleary corporate partner Denise Shiu in Beijing, tax partner Meyer Fedida and executive compensation partner Arthur Kohn in New York, and finance partner Carlo de Vito Piscicelli in Milan, are advising TPG. Fangda Partners is serving as Chinese counsel to the private equity firm.
Paul Hastings is representing Fosun Pharma, fielding a team led by Shanghai partners Jia Yan and David Wang. Fosun Pharma's parent company, the Chinese conglomerate Fosun International Ltd., is a longtime client of the U.S. firm. Last year, Yan advised Fosun Tourism Group, Fosun International's tourism and hotels unit, on a $428 million listing in Hong Kong. In 2015, he also advised Fosun International as part of a consortium led by TPG on a $1.5 billion acquisition of Montreal-based entertainment company Cirque du Soleil; Cleary again advised TPG on the deal.
Hughes Hubbard & Reed is representing United Family Healthcare founder and chief executive officer Roberta Lipson. After the acquisition, Lipson will be CEO of New Frontier Health Corp.
United Family Healthcare said in a statement that the rise of the Chinese middle class has led to more demand for high-quality private healthcare. The company added that it operates seven hospitals and 14 clinics in seven Chinese cities, with two hospitals under construction.
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