Shearman & Sterling is representing Premium Lead Company Limited and its direct wholly-owned subsidiary, New Era Investment Holding Ltd., in the privatization of Shanda Interactive Entertainment Limited (Nasdaq: SNDA). The transaction is expected to close before the end of the first quarter of 2012.
Shanda is one of China’s largest online gaming and entertainment companies, with a market cap of approximately US$2.28 billion. It has two NASDAQ-listed subsidiaries, Shanda Games Limited and Ku6 Media Co., Ltd.
The multi-disciplinary Shearman & Sterling team includes partners Ling Huang (Beijing-Mergers & Acquisitions) and Gregory Puff (Hong Kong-Mergers & Acquisitions), counsel Sidharth Bhasin (Hong Kong-Mergers & Acquisitions), and associates Shirin Tang (Singapore-Mergers & Acquisitions), Justin Mak (Hong Kong-Mergers & Acquisitions), Yan Liang, Ning Liu, Wei Fang and Sha Sa (Beijing-Asia Corporate). Partner Sanja Udovicic (Singapore-Project Development & Finance) and associate Alfred Ng (Singapore-Project Development & Finance) handled the acquisition financing. Other Shearman & Sterling attorneys involved in the transaction are Lee Edwards (Beijing-Mergers & Acquisitions), Larry Crouch (Palo Alto-Tax), Eileen O’Pray (Palo Alto-Tax), Daniel Stellenberg (Palo Alto-Executive Compensation & Employee Benefits), Tina Patel (Palo Alto-Intellectual Property Transactions), Yu-Jin Tay (Singapore-International Arbitration) and Joseph Campbell (Singapore-International Arbitration).
Commenting on the transaction, Ling Huang said, “Representing the buyer group on this major privatization is evidence of our market-leading practice in Asia.” Added Gregory Puff, “Going private transactions are the latest trend in mergers and acquisitions involving companies based in China. We are pleased to have played an instrumental role in most of these transactions representing special committees, buyers and financial advisors.”
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