Paul Hastings, a leading global law firm, announced today that the firm represented Unitech Enterprises Group Limited (“Unitech Enterprises”) in its acquisition of approximately 61.56% of the entire issued share capital of the Hong Kong-listed Ford Glory Group Holdings Limited (“Ford Glory Group”), which is principally engaged in the business of sourcing garment products, at a total consideration of HK$258 million.
Upon completion of the acquisition, Unitech Enterprises will be required under the Hong Kong Takeovers Code to make an unconditional mandatory cash offer to acquire all the issued shares of Ford Glory Group (other than those already owned or agreed to be acquired by it and parties acting in concert with it).
This transaction is the latest in a number of public M&A deals that Paul Hastings has advised on. The team previously advised China Everbright on the US$960 million injection of China Everbright Water Investments’ entire share capital into Singapore-listed HanKore; Citigroup, China Merchants Securities and other underwriters in Tonic Industries’ deemed new listing and placing of new shares; J.P. Morgan on China Daye’s deemed new listing, which resulted from the RMB5.8 billion acquisition of Prosper Well Group Limited; Sino-Ocean Land on its acquisition of shares and its mandatory unconditional general offer to acquire all remaining shares in Kee Shing Holdings Ltd; and China Overseas Land and Investment Limited on its subscription of new shares and voluntary unconditional general offer to acquire shares in Shell Electric Mfg. (Holdings) Company Limited.
The Paul Hastings team was led by Raymond Li, partner and Chair of Greater China, and capital markets partner Catherine Tsang, with support from associate May Lun and trainee solicitor Crystal Liu.
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