Clifford Chance advises MBK Partners on the privatisation of Hong Kong listed Car Inc.
20 July 2021
Clifford Chance advises MBK Partners on the privatisation of Hong Kong listed Car Inc.
Leading international law firm Clifford Chance has advised private equity firm MBK Partners on the US$1.1 billion privatisation of Car Inc. (China Auto Rental), a leading car rental company in China, by way of a voluntary general offer and subsequent compulsory acquisition.
The firm also advised MBK Partners on the debt financing aspects in relation to the take-private of Car Inc. which included loan facilities, bond financings, convertible bond issuance, and consent solicitation processes to facilitate the privatisation.
On 5 July 2021, MBK Partners had completed the compulsory acquisition procedure under Cayman law and acquired 100% ownership in Car Inc. Car Inc. was delisted from the Hong Kong Stock Exchange on 8 July 2021.
The transaction involved a team of Clifford Chance experts in private equity, Hong Kong public M&A, financial markets and debt capital markets, led by Hong Kong partners Anthony Wang (Finance), Edith Leung (Finance), Bryan Koo (PE M&A) and David Tsai (DCM), as well as consultant Tommy Tam (HK Public M&A), senior associate Nathan Wong (DCM), and associates George Lau (PE M&A), Shawn Tan (Finance), and Varian Koh (Finance).
Speaking on the transaction Bryan said, "The successful transaction strengthens Car Inc's position in China's rapidly growing auto rental market because of low penetration and increasing mobility needs. We are pleased to be able to draw on the strength of our team across multiple practices to bring this landmark transaction to a successful close."
高伟绅就香港上市公司神州租车的私有化为MBK Partners提供法律服务
国际领先律师事务所高伟绅就私募基金MBK Partners以11亿美元对在香港上市的中国领先租车公司神州租车以自愿性全面收购 (voluntary general offer) 及其后的强制性收购 (compulsory acquisition) 形式进行私有化的交易,为MBK Partners提供法律服务。本所还就该交易的债务融资提供法律服务,包括贷款融资、债券融资、可转债发行和促成私有化的债务同意征求程序。
MBK Partners于2021年7月5日完成了开曼法律规定下的强制性收购程序,并获得神州租车的100%所有权。神州租车于2021年7月8日正式从香港联交所退市。
本次交易由多名高伟绅合伙人共同牵头,包括银行和融资业务组合伙人王文伟 (Anthony Wang)和梁巧婵 (Edith Leung)、公司/并购业务组合伙人顾至诚 (Bryan Koo)和债券资本市场业务组合伙人蔡重阳 (David Tsai)。其他团队成员包括公司/并购业务组谭诗聪 (Tommy Tam)和刘谦颖 (George Lau)、债券资本市场业务组黄乐恒 (Nathan Wong)以及银行和融资业务组陈国雄 (Shawn Tan)和许宏德 (Variah Koh)。
合伙人顾至诚表示:“我们的跨业务领域团队非常荣幸能协助MBK Partners成功完成此次标志性交易。在中国汽车租赁市场渗透率较低且人口流动性需求增加的利好环境下,中国汽车租赁市场正处于快速增长的阶段。本交易进一步扩大了神州租车在中国汽车租赁市场的布局。”