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Simmons and Simmons advised PCCW in its HK$7.9 billion ($1.31 billion) placement of a 20 per cent strategic stake to China Network Communications Group (China Netcom). As a result of this…
Simmons and Simmons advised PCCW in its HK$7.9 billion ($1.31 billion) placement of a 20 per cent strategic stake to China Network Communications Group (China Netcom). As a result of this transaction, China Netcom will own approximately 20 per cent of PCCW. The acquisition marks the largest ever investment in a Hong Kong company by a mainland State-owned enterprise.
Norris said the transaction had been strategically significant for both PCCW and China Netcom, and “demonstrated the growing interest by mainland Chinese enterprises in regional and global M and A”.
Blake Dawson Waldron acted for Emeco International, which leases and sells heavy plant and equipment, on its sale to a syndicate comprising GS Private Equity and Pacific Equity Partners.
The sale was completed in late January. Contracts were signed in December 2004, and with a headline transaction value of $470 million, it was the largest Australian private equity investment for 2004. The project required an extensive cross-team effort.
Work started in August 2004 and included a vendor due diligence, verification of an information memorandum, and the creation of a virtual data room by BDW’s LTG team.
The overall team leader for the project was Roger Davies and Matthew May led the completion team.
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