Shearman & Sterling has represented Tiger Group Investments in its joint venture with The Carlyle Group to form a company that will work to acquire more than $5 billion in container, dry bulk, tanker vessels and other shipping assets to capitalize on increasing demand in the shipping sector. The new company is formed by Tiger Group Investments and The Carlyle Group in partnership with Seaspan Corporation, the Washington Family, Gerry Wang and Graham Porter.
The company will commence business immediately and expects to deploy up to $900 million in equity capital during the next five years, focusing on major shipping segments primarily strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau.
Tiger Group Investments is an Asian-based private investment firm, focused primarily on the maritime sector. Tiger Group Investments has investments in Seaspan Corp, Greathorse Shipping Holdings Ltd, SeaTiger Capital, Seabridge Marine and two ship managers. As of 31 January 2011, Tiger Group Investments managed assets in excess of US$7 billion.
The Carlyle Group is a global alternative asset manager with more than $97.7 billion under management. Carlyle has 76 funds across four investment disciplines (buyouts, credit alternatives, growth capital and real estate), operating in North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America.
The Shearman & Sterling team was led by Hong Kong M&A partner Paul Strecker and included associates Shirin Tang (Singapore-Mergers & Acquisitions), Joe Tong (Hong Kong-Mergers & Acquisitions), Justin Mak (Hong Kong-Mergers & Acquisitions) and Tiffany Hill (Singapore-Mergers & Acquisitions). Partner Roger Baneman (New York-Tax) and associate Derek Kershaw (New York-Tax) advised on all tax aspects of the transaction. Partner John Cannon (New York-Executive Compensation & Employee Benefits) and associates Amy Gitlitz (New York-Executive Compensation & Employee Benefits) and Timothy Hanson (New York-Executive Compensation & Employee Benefits) handled all employment-related matters. Partners Lorna Chen (Hong Kong-Investment Funds) and Etienne Gelenscer (Tokyo-Project Development & Finance), counsels Richard Metsch (New York-Investment Funds) and Brian Wheeler (Tokyo-Mergers & Acquisitions) and associate Yasuhiro Izushima (Tokyo-Project Development & Finance) advised on distributions pursuant to the operating agreements of the new company. Partner Beau Buffier (New York-Anitrust/Competition) advised on antitrust issues, partner Philip Urofsky(Washington DC-Litigation) advised on FCPA matters and partner James Tallon (New York-Litigation) advised on governing law and dispute resolution clauses. Partner Colin Law (Hong Kong-Capital Markets) and associate Edward Bong (Hong Kong-Capital Markets) advised on Hong Kong law issues.
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