Ropes & Gray Advises Asia-IO Acquisition Fund in Daiwa Associate Holdings Limited Acquisition
Ropes & Gray advised Asia-IO Acquisition Fund in connection with its acquisition of the controlling interest (55.17%) in Daiwa Associate Holdings Limited, a Hong Kong Stock Exchange-listed company that specializes in the manufacturing and distribution of electronics components.
The aggregate consideration payable was HK$533.35 million, which includes a purchase price of HK$275.95 million to the sellers, plus an additional capital injection of HK$257.4 million into the listed company. The transaction, which closed on October 29, triggers an unconditional general offer to the remaining shareholders by Asia-IO Acquisition Fund.
The Hong Kong-based Ropes & Gray team was led by securities & public companies partner Victoria Lloyd and included associate Oliver Nip.