Clifford Chance’s Asian private equity team has recently advised key private equity players on several ground-breaking deals in Asia.
Not only did the firm act for CVC Asia Pacific, winner of the “Private Equity Firm of the Year 2003” award at the recent Asian Venture Capital Awards ceremony in November 2003, but they also advised on the only two deals that won acclaim at the ceremony.
Clifford Chance’s Singapore and Hong Kong offices advised on the “Buyout of the Year,” acting for CVC Asia Pacific Limited and JP Morgan Partners on the acquisition and financing of their S$220 million leveraged buyout of the total business and assets of Singapore Yellow Pages, the leading directories business in Singapore, from Singapore Telecommunications Limited. This deal signals a new era of buyouts in Singapore and other parts of the Asia Pacific region.
Meanwhile, the firm’s Tokyo office was involved in the “Exit of the Year,” advising 3i plc and PPM Ventures Limited on the sale of their combined 65% equity stake in Japanese logistics company, Vantec Corporation to Mizuho Capital Partners MBO Fund “FBF2000”, the first secondary management buyout in Japan.
Clifford Chance’s Tokyo office also advised on another groundbreaking deal in the region, Japan’s largest leveraged buyout to date. The firm acted as Lead Counsel to the lenders on the Yen 232 billion (US$2.2 billion) LBO financing of the acquisition by US investment fund Ripplewood Holdings LLC of Japan Telecom’s fixed line business in Japan from Vodafone.
Roger Denny, head of Clifford Chance’s Asia Corporate practice, commented:
“It has been heartening to see the continuing development of the private equity industry in the region over the last 12 months. The deals done reflect the growing importance of private equity in the Asian market. We look forward to another active year in as the private equity industry continues to strengthen in Asia.”