Tag: ma
Written by John on 19 October 2010.
♦ Breaking BigLaw News ♦ China, M&A
DLA Piper is ranked first in Asia Pacific and Greater China M&A legal advisor by deal volume league tables, produced by Mergermarket for Q1-Q3 2010. The international legal practice advised a total of 52 deals in Asia Pacific during this period, an increase of 100% from its 10th position in Q3 2009 with 26 deals, despite persistent challenging market conditions. In Greater China, the firm advised a total of 27 deals during this period, an increase of 125% from its 9th position in Q3 2009 with 12 deals. Mabel Lui, Partner and Head of Corporate in Greater China, DLA Piper, said: "The Chinese economy has been the driver of growth in Asia Pacific, and we have been serving clients from a diverse range of businesses. Companies are expanding fast in particular by merger and acquisition, and our deal volume in the region has seen significant growth this year. This demonstrates our leading position in the region, and our continued commitment to be the leading legal advisor for China and beyond." Alastair Da Costa, Asia Managing Partner of DLA Piper, said: "The Asian economy has been leading the world economy on the road to recovery, and the excellent growth in DLA Piper's deal counts in Asia Pacific corresponds to the 21% rise of our revenue in this region in 2009. As we enter the last quarter of 2010, we will continue to strive forward to help our clients capture the tremendous potential in the region by providing them with our professional legal advice and our thorough understanding of the unique needs in this region." Recently, DLA Piper has been involved in key corporate transactions across the region including advising a consortium comprising Cheung Kong Infrastructure Holdings Limited, Hongkong Electric Holdings Limited and Li Ka Shing Foundation on the £5.8 billion acquisition of EDF's UK electricity distribution assets; Ping An Health's US$28 million JV with Discovery Holdings from Africa; and AsiaInfo's US$733 million merger with Linkage which created one of the biggest software companies in China. DLA Piper also ranked number one by deal volume in the world and the UK for Q1-Q3 2010 in the Mergermarket league tables.
Written by Editor on 08 September 2010.
♦ Recent Deals ♦ Hong Kong, London, M&A, Moscow, Russia
Dechert's global M&A team of lawyers have been very busy - closing out the summer in hot fashion with deals throughout the United States, Asia, and Europe in a wide range of industry sectors. Examples of some of the high profile transactions over the past few weeks that were handled by Dechert lawyers across our global network of offices include: United States 1) A team of Dechert lawyers in Washington DC, led by Thomas Vartanian, represented financial advisor Belstar Group in the $730 million transaction by Sterling Financial Corporation, the bank holding company of Sterling Savings Bank, which raised new capital from institutional, private equity and other accredited investors. The amount of capital raised exceeds the amount required under Sterling's agreements with its regulators and restores both Sterling's and Sterling Savings Bank's regulatory ratios to levels that exceed well-capitalized thresholds under applicable guidelines. 2) A team led by Dechert's Carmen Romano represented Select Medical Holdings Corporation, the parent of Select Medical Corporation, in the completion of its $210 million acquisition of Regency Hospital Company, L.L.C., an operator of long-term acute care hospitals, from Waud Capital Partners. 3) A team of Dechert lawyers in Philadelphia, led by Gerrie Sinatra, represented private equity firm Court Square Capital Partners in its announced acquisition of Fibertech Networks, a leading regional provider of fiber optic bandwidth services. 4) William Lawlor led a team of US and Hong Kong-based attorneys that assisted Crown Holdings, Inc. in its acquisition from affiliates of Swire Pacific Limited their 44.57% interest in the holding company for Crown?s four joint venture facilities in China and their 49% interest in the holding company for Crown?s joint venture facility in Hanoi, Vietnam for an aggregate purchase price of $150 million. Basil Hwang, managing partner of the firm's Hong Kong office led the Asia team on this deal. Russia A team of Dechert lawyers led by Laura Brank, Moscow office Managing Partner and Head of Dechert's Russia Practice, represented Canada's Kinross Gold Corporation in the completion of its previously announced US$368 million acquisition of companies owning the rights to the high-grade Dvoinoye deposit and the Vodorazdelnaya exploration and mining licences. Both assets are located approximately 100 km north of Kinross' Kupol operation in the Chukotka region of the Russian Far East. Munich A team of Dechert lawyers led by Munich-based partner Federico Pappalardo advised Axentum Capital AG, a Swiss private equity fund, in connection with its acquisition of the global (ex-North America) businesses of Böwe Systec AG, a German multinational corporation that had filed for bankruptcy protection in Germany. Brussels A team of Dechert lawyers led by Brussels-based Eric Deltour are representing The Eastbridge Group in its acquisition of a 25% shareholding stake in the Belgian-listed real estate company, Immobel SA, through the purchase of over a million shares from JER Europe Fund III Holdings Sarl. London An international Dechert team led by David Schulman, who is both London and Washington DC based, represented Santhera Pharmaceuticals in connection with its license agreement with Ipsen for the development and commercialization of fipamezole (antagonist of the adrenergic alpha-2 receptor) for territories outside of North America and Japan.
Written by Robert on 23 August 2010.
♦ Associates' Corner ♦ Capital Markets, China, Hong Kong, M&A
Robert here. Senior cap markets associates at top US firms who are native Chinese have never been as marketable in HK / China as they are today. While such persons have over the past five years always had attractive HK /China options at US and UK firms, as well as in-house, in ’10 we have seen these opportunities expand and improve (more clear shot to partner opportunities than usual) significantly. Further, this may be a relatively small window of time, one to two years perhaps, where these clear shot to partner positions are available in such relative abundance (a handful available at one time, versus zero to one usually at any given time). 
To clarify, a clear shot to partner opportunity is one where a business case already exists at a new hire’s new firm for that person to make equity partner. In other words, there is already an equity partner slot open and pegged for such new hire. Of course the senior associate / counsel / salary partner will have to perform, but there is already plenty of deals for that person to execute and the only variable (baring a catastrophe in the market) to making equity partner is that person’s performance, rather than the many variables outside of one’s control that almost always come into play for equity partner promotion (even in the most realistic and strong partnership tracks, there is most usually not already a business case for a new hire to make partner before he / she joins the firm and the business case can be in part made by the new hire’s performance, but also even more usually relies on supervising partners’ and / or new hire’s ability to expand the current practice). There are a growing number of US cap markets practices in HK / China that have very strong deal flow (emanating from the IPO boom over the past year in HK / China), but are missing a senior native Chinese associate / counsel / junior partner to both execute deals and maintain existing client relations. In many cases in HK / China, top US cap markets groups do not have Chinese partners and although such groups’ partners are market leaders and deal makers, they could use a rising senior associate / counsel to lean on who happens to be native Chinese. The candidates that fill such roles today are being handed one of the leading keys to their new firm’s China practice, in that they are being given both the deals to execute and a leading role in the existing client relations. The former is of course a pre-requisite to having partnership and top in-house senior roles, but the latter is a rare special opportunity that gives a rising attorney a lot of leverage both in the market at large and at his / her current firm. As top US firms are building HK practices and top UK firms are expanding US practices, having a stellar native Chinese senior US associate / counsel on board is more important today than ever before. As these rare roles fill up, it is of course unlikely that one of these US practices will need to make a similar hire in the next few years. Sure, such groups will over the next few years hire a similarly qualified senior associate / counsel, but such person will not have the same clear shot to partnership opportunity given to the hire being made today (sure, such future hires can make partner, but will not join new firm with clear shot). Typically, in HK / China there are between zero and one such clear shot to partnership opportunities, but today there are five+ and we expect there to continue to be a handful of such opportunities going forward for the next year. Some of the clear shot to partnership opportunities are geared more for senior associates / counsels who have been at top Wall St. firms in China for the past few years, whereas others are open to senior associates / counsels who have spent their entire career at a top firm in NYC or other major Western market. Some of these roles can be had by persons with a mix of M&A and cap markets, as well. As for native Chinese senior M&A associates, there are similar M&A clear shot to partnership roles available, but in smaller number. That may change as the M&A market improves and firms look to expand in that area in HK / China. We have recently made four senior US cap markets clear shot to partner placements in HK / China and are working on a handful of others at present. It is through these efforts this year and in previous years that we have become uniquely familiar with this type of job search and very selective and strategic recruiting. Of course, there is much more very specific information and advice that we simply can’t give in a public forum, such as our Asia Chronicles. I am happy to discuss these opportunities, and the market in general, with qualified persons by phone in great detail.
Written by Editor on 19 July 2010.
♦ Around the Web ♦ China, M&A
Take a look at part one of Mark Schaub's (Partner, King & Wood) article on Chinese M&A deals: www.chinalawinsight.com
Written by Robert on 10 May 2010.
♦ Expat Packages ♦ Australia, M&A, Securities, Singapore, Sydney
Robert here. The number of US associate openings in Asia continue to increase substantially (including at two top 10 US firms coming off hiring freeze very recently), especially in HK / China, where we have been making multiple placements on a weekly basis recently. This week has been a particularly good week, with Yuliya and I each making placements in Asia (Singapore, BJ, SHG and HK). If you are in HK, BJ or SHG and would like to meet with Robert or me this month, Robert and I will be in HK / China the 2nd half of May. Further, Yuliya (who is based in Russia) and I will be available in NYC on May 18 and I will be in NYC May 30 to June 2. If you happen to be in Las Vegas this weekend or Miami next week, well I will be there too and can make myself available. 
One of our top US firm clients has asked us to help them find two US securities associates interested in relocating to Sydney. The two positions will be filled by 3rd to 5th year cap markets associates, most likely coming from a top 20 US firm in New York or another major US market. The role will be entirely US securities law and not deal at all with local law (unlike which can happen in HK and other overseas markets at some firms). This US cap markets practice in Sydney is widely considered to be the best in Australia. It is an opportunity to settle down permanently in Sydney (there is career advancement potential and this firm has a track record of promoting partners from within in busy overseas offices) or spend a few years getting interesting experience and then head back to US. While this position will be challenging and of course consist of long hours, a strong argument can be made that it is a better quality of life than working in biglaw in NYC. Past experience or strong connection to Australia not needed to apply for this position. Of course, we are happy to go over the opportunity in detail with you by phone / email if you are interested. I met with the hiring partner from this firm’s Sydney office yesterday, as he was in the US on business. He said they are prepared to move very quickly with offers for the right two candidates, so it will not be a drawn out process. Further, this particular top US firm has a track record of moving very quickly with US associate hires in Asia. Here is a representative list of some of our more urgent openings in Asia (there are many more than what we list here): - ‘09 to ‘06 native Korean fluent US associate opening at top 5 US firm in HK (M&A and cap markets mix position) -’03 to ‘00 US PE / M&A background opening for private equity fund in HK (Mandarin and experience in both HK and NYC preferred, but not required) - ‘08 to ‘05 fluent Mandarin US cap markets associate opening at top 15 US firm in HK -’00 to ‘05 fluent Mandarin US cap markets associate / counsel opening at magic circle firm in HK (equity partner short track very much available)) -’08 native Korean fluent US associate opening at top 10 US firm in HK (M&A and cap markets mix position) -’08 to ‘07 fluent Mandarin US cap markets / M&A mix opening at top 5 US firm in HK and BJ -’00 to ‘04 fluent Mandarin US M&A / cap markets associate / counsel opening at top UK firm in HK (equity partner short track very much available) -’08 to ‘07 US PE / M&A opening at top 10 US firm in HK (Mandarin not required) -’08 to ‘06 fluent Mandarin US cap markets / M&A mix opening at top 5 US firm in SHG -’07 to ‘05 US cap markets associate opening at top UK firm in HK (Mandarin not required) -’08 to ‘05 fluent Mandarin US cap markets / M&A mix associate opening at top 10 US firm in BJ -’08 to ‘05 fluent Mandarin US M&A associate opening at top 20 US firm in SHG -’06 to ‘02 native Mandarin US M&A associate opening at top UK firm in SHG -’07 to ‘05 fluent Mandarin US M&A associate opening at top 40 US firm in HK -’07 to ‘05 fluent Mandarin US M&A / cap markets mix associate opening at top 30 US firm in HK -’08 to ‘04 US cap markets associate opening at top 15 US firm in Singapore (English only ok) -’06 to ‘03 fluent Japanese US cap markets / M&A mix associate opening at top 10 US firm in Tokyo The above are only some of our openings. Now that just about all US and UK firms are off hiring freeze in Asia and their home offices are giving them more clearance to make hires, the number of openings will only increase this summer. However, we expect there will still be many more very qualified US associate candidates than there are openings in the Asia markets (there will also continue to be a lot of internal firm transfers to fill openings until US markets fully boom back), so continue to expect a potentially long-term job search. Further, please note that M&A is still not as busy as cap markets in HK / China, so M&A openings will be filled at a slower pace than cap markets openings. Because of the high number of very qualified US associate candidates on the market in Asia, firms continue to have a lot of leverage in hiring, but things are changing with the top candidates coming off the market now quicker than even just a few months ago. One encouraging sign is that expat allowances are increasing at the US firms in HK / China that have traditionally not paid competitive expat allowances. We have seen several firms raise their expat allowances in the past six weeks (all of these firms lowered their allowances last year). At the firms that have always paid competitive expat allowances, for the most part nothing has changed. We do have a new top market expat / housing allowance in HK though – $90,000 USD annually (for single associate with no children), a package that has been at place at one US firm in HK since late last year and is $10,000 more than any other firm now or previously (not counting the few firms that have tax equalization to NYC and very high expat allowances). Thus, the competitive expat allowance range for HK is now 60k to 90k, with most of those firms being in 65k to 70k range. In Asia markets outside of HK / China, there is an increase in openings and hiring, but not enough to cause movement in expat allowances. As always, feel free to contact us at Kinney and we are happy to to discuss the Asia markets with you.
