Hong Kong, 13 January 2006 – LAWFUEL – The Law News Network – Shearman & Sterling LLP is representing Target
Media Holdings Limited (“Target Media”) and some of its selling
shareholders in the definitive share purchase agreement with Focus Media
Holding Limited (“Focus Media”), in which Focus Media has agreed to acquire
100% of the outstanding equity interests of Target Media. The transaction
is valued at US$325 million, consisting of US$94 million in cash and US$231
million of newly-issued ordinary shares of Focus Media valued at US$3 per
share.
Target Media, whose principal financial investors are affiliated funds of
The Carlyle Group, operates the second largest out-of-home advertising
network in China using audio visual flat-panel displays. Focus Media,
whose American Depositary Shares are listed on Nasdaq, operates the largest
out-of-home advertising network in China
The Shearman & Sterling team comprises of partners Leiming Chen (Hong Kong)
and Lee Edwards (Beijing), counsel Ken Lebrun (Tokyo) and associates Ling
Huang (Beijing), Chris Chen (Beijing) and Alan Yeung (Hong Kong).
