Appleby advises Ascendent Capital Partners on the offshore aspects of multiple transactions
Appleby’s Hong Kong office acted as Cayman Islands and BVI counsel to Ascendent Capital Partners (ACP): (i) on the sale of Etern Group Ltd., which indirectly holds 98% of the equity interest in a general hospital in Suzhou, to Hygeia, a Hong Kong listed healthcare company, for a total consideration of RMB1,734,600,000 (approximately USD267,000,000); and (ii) as a consortium member, in connection with the USD230,600,000 privatization of Tarena International, Inc. (Tarena, NASDAQ: TEDU), a leading professional education and K-12 education services provider in China.
Both transactions were led by Partner David Bulley, Relationship Partner for ACP and Head of Asia Private Equity, M&A and Corporate Restructuring in Appleby’s Hong Kong office, with assistance from Legal Manager Alejandra Gonzalez-Saucedo.
David commented “It was a pleasure to assist the ACP team on these deals, having advised ACP on the offshore aspects of a number of recent mandates, and to once again be working with the Morrison & Foerster Hong Kong, Shanghai and Beijing teams as lead counsel. The Tarena privatization marks another education related investment on which we have advised ACP, following our role as offshore counsel on their investment in Best Education and this is a sector in which we expect continued activity from clients.”
With a broad global footprint, strong working relationships with local regulators and deep transactional experience, our M&A team is well-positioned to advise clients on the offshore aspect of a wide range of M&A activities in the Asia-Pacific region.
