Clifford Chance advises China Merchants Capital on its US$870 million investment for a 40% stake in HKT's passive network infrastructure assets
27 June 2024
- Julie Fu, David Olds, Cynthia Mo, , Charmaine Lee, Adam Boulanger, Liyong Xing, Teresa Leung, Jovi Au-Yeung, Sylvia Wong, Edith Leung, Harrison Tsoi, Phoenix To, Yong Bai, Dayu Man
- Hong Kong, Beijing, Shanghai
Clifford Chance advises China Merchants Capital on its US$870 million investment for a 40% stake in HKT's passive network infrastructure assets
Global law firm Clifford Chance has advised China Merchants Capital (CMC) on its US$870 million investment for a 40% stake in a project company holding Hong Kong telecommunications services provider HKT Limited (HKT)'s passive network infrastructure assets. The transaction is the largest M&A transaction involving passive network infrastructure in Hong Kong in recent years.
The transaction involves an innovative structure that mutually benefits CMC and HKT. This investment by CMC is expected to lead to a strengthened long-term relationship and wider collaboration between CMC and HKT to support new service offerings in the Greater Bay Area and other new geographies.
The cross-practice Clifford Chance team advising on the transaction includes:
- M&A aspects: Partner Julie Fu, counsel David Olds, senior associate Cynthia Mo, associates Ryan Siu, Charmaine Lee and Adam Boulanger, and trainee solicitor Katrina Hung;
- Financing aspects:
- Equity financing: Partner Liyong Xing, senior counsel Teresa Leung, senior associate Jovi Au-Yeung and associate Sylvia Wong;
- Debt financing: Partner Edith Leung, counsel Harrison Tsoi, associate Phoenix To and trainee solicitor Vanessa Li; and
- Antitrust aspects: Beijing partner Yong Bai, Hong Kong counsel Dayu Man and Beijing associate Lan Nan.
Lead partner Julie said, "We are delighted to support our longstanding client CMC on its global ambitions as a leading infrastructure investor to grow its portfolio of infrastructure assets. This transaction demonstrates why clients come to us for large-scale transactions: our firm brings together multiple specialist teams to seamlessly deliver the best advice and strategies that align with their needs – efficiently and effectively."
Julie adds, "The growth of the digital economy and accelerating demand for digital services in Asia Pacific is driving investor interest in key infrastructure such as passive network infrastructure. They are the highway for which many future technologies depend upon for scale and connectivity."
China Merchants Capital is an alternative investment and asset management platform jointly owned by China Merchants Group and GLP, managing nearly 70 RMB and foreign currency funds, with total assets under management of approximately RMB300 billion (as of end 2023).
Hong Kong-listed HKT is a leading technology, media and telecommunications company offering local fixed line, local data and broadband, international telecommunications, mobile, media entertainment, enterprise solutions and other telecommunications services. Its market-leading premium passive access network has the most extensive coverage in Hong Kong.
Clifford Chance has advised on several M&A and financing transactions involving digital infrastructure in Asia Pacific, most recently advising on the US$3.9 billion financing for the development of Dito's nationwide 4G and 5G telecommunications network in the Philippines, OMS on its US$400 million investment by KRR to accelerate growth of its digital infrastructure and a US$213 million debt facility for AdaniConneX, the largest data centre financing deal in India.
高伟绅律师事务所就招商资本投资8.7亿美元收购香港电讯无源网络基础设施资产40%的股份提供法律服务
国际律师事务所高伟绅就招商资本(“招商资本”)投资8.7亿美元收购香港电讯服务供应商香港电讯有限公司(“香港电讯”)下属持有无源网络基础设施资产的项目公司40%的股权提供法律服务。该交易是香港市场近年来最大的无源网络基础设施并购交易。
此次交易通过创新型结构设计实现了招商资本与香港电讯的双赢。伴随着本次投资,招商资本将与香港电讯深化长期合作关系,并在粤港澳大湾区及其他新区域进行更深度的合作及业务拓展。
为此次交易提供法律服务的高伟绅团队包括:
- 并购组:富琪(合伙人)、毛心欣、萧伟恒、李晓蓝、Adam Boulanger、熊健婷
- 融资组:
- 股权融资:邢丽咏(合伙人)、梁翠珊、欧阳子然、汪嘉敏
- 债务融资:梁巧婵(合伙人)、蔡昌承、杜绍希、李文晞
项目牵头合伙人富琪律师表示,“招商资本是全球领先的基础设施投资者,我们很荣幸可以助力招商资本拓展其基础设施资产组合。此次交易展现了高伟绅处理复杂大型交易的能力 – 我们的并购、融资组等多个专业团队凝聚在一起无缝合作,高效向客户提供符合其需求的最佳意见和服务。”
富律师补充道,“亚太地区数字经济的发展以及对数字服务不断增长的需求推动了投资者对关键基础设施的兴趣,例如无源网络基础设施,它正是未来许多技术赖以扩大规模和实现连接的要道。”
招商资本是招商局集团与普洛斯合营的另类投资与资产管理平台,管理着近70只人民币基金和外币基金,资产管理规模近3,000亿元人民币(截至2023年底)。
香港电讯是一家领先的科技、媒体及电讯公司,提供固网、本地数据和宽频、国际电讯、流动通讯、媒体娱乐、企业解决方案以及其他电讯服务的上市公司。其市场领先的优质无源接入网络覆盖全港。