Ropes & Gray Advises Longstanding Clients on Key Asia Pacific Deals
Ropes & Gray’s Hong Kong office has advised on two significant transactions that augment and extend its role on private equity transactions in Asia and in the ongoing wave of privatizations of U.S.-listed Chinese companies.
The transactions underscore the geographic reach of Ropes & Gray’s Hong Kong team as well as its sophistication in handling a variety of deals. The two recently announced transactions are:
- The ‘take private’ of AsiaInfo-Linkage, a NASDAQ-listed telecommunications company with primary operations in China. Ropes & Gray represented AlpInvest, a member of the buyer consortium. The transaction was announced May 13.
- The buyout of BankLink New Zealand by Australia-based MYOB. Ropes & Gray represented MYOB and its parent company, Bain Capital. The transaction was announced May 14.
“The Asia Pacific market is seeing a diverse array of transactions as private equity firms work through the investment lifecycle from initial acquisition to follow on capital raisings and exits,” said former partner in Ropes & Gray’s Hong Kong office. “Asia Pacific continues to be an active market for many of our firm’s longstanding clients as well as newcomers to the region.”
The AsiaInfo-Linkage transaction is the fifth co-investment transaction in the past 12 months on which Ropes & Gray’s Hong Kong private equity team has advised AlpInvest, a global private equity firm with €33 billion in assets under management. AlpInvest is a client of Ropes & Gray globally as well as in Asia.
Ropes & Gray’s Edge in ‘Take Privates’
Ropes & Gray’s Hong Kong office has advised parties in a significant number of the largest ‘take privates’ of U.S.-listed Chinese companies in the past year. The firm most recently represented the buyer consortium in the ‘take private’ of NYSE-listed and Shanghai-based ShangPharma, which included TPG Growth and ShangPharma’s chief executive officer.
A Longstanding Relationship with Bain Capital
Advising on MYOB’s purchase of BankLink New Zealand is the latest of several transactions on which Ropes & Gray has advised Bain Capital in the Asia Pacific. In 2011, Ropes & Gray advised Bain on its US$1.3 billion acquisition of MYOB from another private equity firm, which remains the third largest private equity exit in Australia’s history. Ropes & Gray subsequently advised Bain and MYOB on MYOB’s listing of public notes on the Australian stock exchange.
“These transactions are representative of the way that global private equity firms are taking a broad view of the Asia Pacific region and looking to create value for their limited partners both through new deals and by building on their existing portfolio companies,” said former partner. “They are looking at mature as well as developing markets in what continues to be an attractive region for private equity capital.”