Clifford Chance advises CVC and the offeror on the privatisation of Hong Kong listed fashion retailer I.T Limited

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4 June 2021

Andrew Crook, Brian Harley, Tommy Tam, , , George Lau, Declan Ng, Michihiro Nishi, , , Shunsuke Nagae, Taro Kono, , Eunice Leung, Anson Wong, Matthew Truman, Michael Pallaras, , Richard Blewett, Yong Bai, Zibo Liu
Hong Kong, Tokyo, Sydney, Beijing

Clifford Chance advises CVC and the offeror on the privatisation of Hong Kong listed fashion retailer I.T Limited

Leading international law firm Clifford Chance has advised the global private equity and investment advisory firm CVC Capital Partners (CVC) and Brooklyn Investment Limited (an offer vehicle jointly controlled by CVC and the founders of I.T) on the privatisation of the Hong Kong listed fashion retailer I.T Limited (I.T) by way of a scheme of arrangement. The privatisation became effective on 28 April 2021. The transaction also involves a restructuring to create a standalone business incorporating A Bathing Ape, AAPE by A Bathing Ape brands and associated sub-brands owned by the offeror group. The founders of I.T will separately own and operate the other operations of I.T.

The cross-jurisdictional Clifford Chance team in Hong Kong, Tokyo, Sydney and Beijing included partner and head of Asia Pacific Private Equity Andrew Crook, consultants Brian Harley and Tommy Tam, senior associate I-Ming Tan, and associates Cynthia Zhang, George Lau and Declan Ng. Partner Michihiro Nishi, senior associates Rachel Cheng, Iris Mok and Shunsuke Nagae, and associates Taro Kono and Beanka Chiang also advised on the business restructuring aspects of the transaction, and registered foreign lawyer Eunice Leung and associate Anson Wong were also involved in the scheme aspect of the transaction. Debt refinancing advice was provided by partner Matthew Truman, consultant Michael Pallaras and associate Shawn Tan. Antitrust advice was provided by partners Richard Blewett and Yong Bai, and senior associate Zibo Liu.

Andrew said, “We are very pleased that our cross-practice teams were able to support CVC and the offeror in the privatisation of I.T Limited and its subsequent restructuring. We continue to see strong interest in Hong Kong privatisations as owners look to mitigate risks amid challenging market conditions and to reinvigorate growth by implementing new strategies in a private setting.”

I.T is incorporated in Bermuda and has been listed on the Main Board of the Hong Kong Stock Exchange since March 2005. It is principally engaged in the design, sourcing and sales of fashion wears and accessories bearing third-party owned international designer brands (such as Off-White, Acne Studios, Comme des Garçons) and in-house brands (such as :CHOCOOLATE and Izzue).

Clifford Chance has previously advised CVC on the privatisation of the Hong Kong listed Nirvana Asia Ltd by way of a scheme of arrangement. This year, Clifford Chance has also advised on the privatisations of Haier Electronics Group Co., Ltd. and China Youzan Limited.

高伟绅就香港上市时装零售商I.T Limited的私有化为CVC和要约人提供法律服务

国际领先律师事务所高伟绅就全球私募股权和投资顾问公司CVC Capital Partners（“CVC”）以及Brooklyn Investment Limited（CVC和I.T创始人共同控制的要约公司）以协议安排方式将香港上市时装零售商I.T Limited（“I.T”）私有化提供法律服务。私有化计划已于2021年4月28日生效。此次交易还涉及集团业务重组，重组后要约人集团持有的"A Bathing Ape"、"AAPE by A Bathing Ape"及相关子品牌业务将独立运营。I.T创始人将持有并经营I.T的其他业务。

高伟绅为本次交易组建了跨法域团队，立足香港、东京、悉尼以及北京。团队成员包括亚太区私募股权合伙人兼负责人Andrew Crook、 Brian Harley、谭诗聪、陈爱敏、张弛欣、刘谦颖和伍乐熙。合伙人Michihiro Nishi、郑帼欣、莫苡渟、Shunsuke Nagae、Taro Kono和蒋恺澄就交易涉及的业务重组事务提供了法律咨询服务；此外，梁咏愉和黄炜杰也参与了交易重组计划的法律咨询服务。合伙人Matthew Truman、Michael Pallaras和Shawn Tan就交易涉及的债务再融资事务提供了法律咨询服务。合伙人Richard Blewett、合伙人柏勇以及刘子博就交易涉及的反垄断事务提供了法律咨询服务。

Andrew Crook表示：“我们非常高兴高伟绅的跨部门团队能够在I.T.的私有化和后续重组交易中为CVC和要约人提供法律服务。鉴于诸多上市公司希望在富有挑战的市场环境中降低自身风险、通过在私有化落实新战略重振企业发展，我们将持续关注香港的私有化交易。”

I.T在百慕大注册设立，于2005年3月在香港联交所主板上市。I.T的主要业务为设计、采购及销售第三方国际知名设计师品牌（如Off-White、Acne Studios、Comme des Garcons等）以及自有品牌（如CHOCOOLATE和Izzue）的时装和配饰。

高伟绅此前也就香港上市公司Nirvana Asia Ltd.私有化计划为CVC提供法律服务。近期，高伟绅还就海尔电器集团有限公司和中国有赞有限公司的私有化计划提供法律服务。