Firms: Herbert Smith Freehills; White & Case (I Squared Capital); Freshfields Bruckhaus Deringer (Hutchison Telecommunications); Linklaters (acting for the lenders)
Deal: I Squared Capital has acquired fixed-line business Hutchison Global Communications from Hutchison Telecommunications.
Value: US$1.86 billion
Area: M&A, corporate, TMT
Key players: The HSF team advising I Squared Capital was led by corporate partner Hilary Lau and Asia head of TMT Mark Robinson (pictured).
HSF partner Jason Sung; senior associates Sheena Loi, Calvin Ho, Peggy Chow, Sherry Lai and Jie Li; and associates Don Chan, Helen Huang and Stella Loong assisted with the transaction.
White & Case advised I Squared Capital on financing for the deal.
Deal significance: Global infrastructure investment manager named I Squared Capital will acquire Hutchison Global Communications for US $1.86 billion, subject to shareholder approval.
I Squared Capital is an independent firm with offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.
According to a statement from global law firm HSF, the investment manager is focused on energy, utilities and transport in North America, Europe and select high-growth economies.
The law firm advised I Squared Capital on the purchase of the telecommunications business, with due diligence support from its Kuala Lumpur, Beijing, London, Singapore and Melbourne offices.
Lead partners Hilary Lau and Mark Robinson, who led the HSF team working for I Squared Capital, said the acquisition is the first telco investment for the fund. The lawyers released a joint statement that read:
“The deal reflects the changing shape of the telecoms market, where there has been significant activity recently in Hong Kong and across Asia-Pacific. Telecoms companies are taking different strategies in order to invest in network upgrades and digital advances. Infrastructure funds and private equity are seeing increasing opportunities in network infrastructure.”
HSF said that completion of the transaction is subject to approval by shareholders of HGC’s parent company, HKEX-listed Hutchison Telecommunications Hong Kong Holdings Limited.