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Clifford Chance acts on billion-dollar IPO

Clifford Chance acts on billion-dollar IPO

Asian Pay Television Trust has announced a US$1.1 billion IPO.

Firms: Clifford Chance (Asian Pay Television Trust); A&G (Singapore counsel to the trustee manager and the sponsor); Latham and Wong Partnership (Counsel to the banks)

Deal: Asian Pay Television Trust announces its US$1.1 billion IPO

Area: Equity capital markets

Value: $US1.1 billion

Key players: Clifford Chance partners Johannes Juette (pictured) and Raymond Tong led on the deal. They were supported by associate Montse Ferrer

Deal significance: Asian Pay Television Trust's single asset at the time of listing is Taiwan Broadband Communications, a Taiwanese cable TV operator, which is owned by two funds managed by Australia's Macquarie Group. This is the biggest Singapore IPO since the US$1.3 billion offering of a real-estate trust by Mapletree Investments earlier this year and the first Singapore business trust to be backed by media assets.

Clifford Chance partner Johannes Juette said: "We were delighted to assist Asian Pay Television Trust on its successful listing. Recently we've seen an increased interest in trusts in general, which are considered safe investments, and this one in particular attracted yield-focused investors."

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