Ropes & Gray’s partners in Asia have more than 100 combined years of experience advising private equity funds, public and private companies, and financial institutions on Asia-related private equity investments, including mergers and acquisitions, securities matters and internal investigations.
Our experience with Asian businesses and our understanding of the regulatory and business environment in which they operate, enables us to identify the issues and risks facing global investors across Asia and to provide highly practical real-time advice. Our lawyers’ ability to communicate in Mandarin, Japanese and Korean provides added efficiency and effectiveness in both transactional and investigatory settings.
Our Asia team, based in Hong Kong, Shanghai, Seoul and Tokyo, works in collaboration with our offices in Europe and the United States to devise tailor-made solutions to each client’s specific business and legal needs. Our team includes a regional FCPA specialist who combines Asia-specific insight with U.S. regulatory knowledge, and works seamlessly with FCPA practitioners in our U.S. offices.
Ropes & Gray is one of a very few firms in Asia with a dedicated, sponsor-side leveraged finance team. This team has represented sponsors on many of the largest LBOs recently completed across Asia and has unrivalled understanding of Asian, European, U.S. and local deal structures.
In addition, our Asia team possesses:
- The ability to advise on English and U.S. law across all levels of the capital structure, including equity, debt and hybrids
- Structuring know-how backed by Hong Kong-based UK and U.S. senior restructuring and insolvency experience
- Extensive experience gained during the financial crisis in restructuring and exiting distressed investments
- Deep knowledge of the practical difficulties faced by investors in downside scenarios and the means of structuring transactions from the beginning to mitigate downside risk and ensure that investors have substantial leverage in restructuring negotiations
Some recent highlights include:
- Bain Capital. Advised Bain Capital in numerous notable Asia private equity transactions, including:
- its US$18 billion consortium buyout of the Toshiba Corp. semiconductor business, the largest Japanese deal since 2011, and the largest private equity and leveraged finance deal ever seen in Asia.
- its consortium acquisition and subsequent sale of Carver Korea Co., Ltd., the fastest-growing skincare business in South Korea, to Unilever.
- its acquisition of Camp Australia, disposal of Gymboree Play & Music business, and leveraged tender offer buyout of Yukiguni Maitake.
- Baring Private Equity Asia. Advised Baring Private Equity Asia in its acquisition of a 40 percent stake in, and subsequent sale of, Weetabix Food Company from Bright Food, a China state-owned food manufacturing company.
- Blackstone. Advised Blackstone, as the lead buyer of a consortium, in the US$625 million going-private transaction of China-based Pactera Technology International Ltd. Our team advised the buyer consortium on the financing of the transaction. Named 2015 “High Yield Deal of the Year” by IFLR.
- CMC Capital Partners. Advised CMC Capital Partners in its joint venture with Creative Artists Agency, a global entertainment and sports agency, creating CAA China.
- Canada Pension Plan Investment Board. Advised the Canada Pension Plan Investment Board in its acquisition of an approximately 20% stake in Homeplus, Tesco’s South Korean business, for US$534 million as part of the consortium led by MBK Partners. Named Deal of the Year in 2015/2016 by multiple publications including the Asian Lawyer, The American Lawyer, Asian-Mena Counsel and Asian Legal Business.
- Goldman Sachs. Advised Goldman Sachs in its US$100 million convertible bond financing of a subsidiary of HKSE-listed GCL New Energy Holdings Limited, a leading developer and operator of renewable energy projects in the PRC.
- TPG Capital. Advised TPG in numerous Asia private equity transactions, including:
- its US$400+ million investment in Kakao Corporation’s transport/taxi app business, Kakao Mobility.
- its US$100 million strategic investment in Xinyuan Real Estate Co., Ltd., a Chinese real estate developer.
- its US$178 million take private acquisition of ShangPharma Corporation, a leading China-based pharmaceutical company.
Ropes & Gray’s work in Asia has quickly garnered recognition by clients and independent reviewers, including:
- Financial Times Asia-Pacific Innovative Lawyer 2018 – Winner for “Innovation in Legal Expertise: Managing Complexity and Scale” for Toshiba’s US$18 billion sale of its memory chip business.
- Chambers Asia-Pacific 2014-2018 – Ranked for “Private Equity,” “Corporate/M&A,” and “Investment Funds: Private Equity” in China/Hong Kong as well as the Asia-Pacific region, with multiple lawyers recognized as leaders in their fields.
- Chambers Global 2018 – Ranked in “Corporate/M&A: Private Equity” as leading practice in the Asia-Pacific; and also ranked in “Corporate/M&A: Highly regarded (International Firms)” as leading practice in China.
- The Legal 500 Asia-Pacific 2014-2018 – Ranked for private equity and corporate/M&A in China and Hong Kong; also ranked for corporate/M&A in Japan and South Korea.
- IFLR1000 2018 – Ranked as a leading practice in private equity and M&A in China and Hong Kong, with two lawyers recognized as rising stars.
- IFLR Asia Awards 2016 – Named “Private Equity Team of the Year.”
- Financial Times: Asia-Pacific Innovative Lawyers 2017 – Ranked in top 10 for innovative law firms in Asia.
- Asian Legal Business Innovation List 2016 – Named among top 10 Innovators.
- IFLR Asia Awards 2013 – Named “Private Equity Team of the Year.”
Deal of the Year Awards
- Asian Legal Business Japan Law Awards 2018 – Awarded “M&A Deal of the Year (Premium)”, “Technology, Media and Telecommunications Deal of the Year” and “Japan Deal of the Year” for Toshiba's US$18 billion sale of its memory chip business.
- The Asia Legal Awards 2018 – Awarded “M&A Deal of the Year: North Asia” for Toshiba Corp.’s sale of its memory chip business.
- The Asia Legal Awards 2018 – Awarded “Private Equity Deal of the Year” for Nord Anglia Education’s US$4.3 billion privatization.
- IFLR Asia Awards 2018 – Awarded “Restructuring Deal of the Year” for the Mongolian Mining Corporation restructuring.
- IFLR Asia Awards 2017 – Awarded “Restructuring Deal of the Year” for the Kaisa restructuring.
- India Business Law Journal – 2017 “Deal of the Year” award for Hewlett-Packard’s divestiture of Mphasis to Blackstone and GIC.
- The Asia Legal Awards 2016 – Awarded “M&A Deal of the Year” and “M&A Deal of the Year: North Asia” for Tesco’s sale of Homeplus.
- IFLR Asia Awards 2016 – Awarded “Private Equity Deal of the Year” for the acquisition of Yukiguni Maitake.
- China Law & Practice 2016 – Finalist for “M&A Deal of the Year” for the merger between Ctrip and Qunar.
- IFLR Asia Awards 2015 – Awarded “High Yield Deal of the Year” for the Pactera take-private financing.
- Asia Lawyer Awards 2015 - Awarded “Finance Deal of the Year: Insolvency & Restructuring” for LDK Solar restructuring.
- India Business Law Journal – 2012 “Deal of the Year” award for advising Bain Capital Partners in its acquisition of a $1 billion stake in Indian outsourcing technology manager Genpact Ltd.
- Asian Legal Business Japan Law Awards 2012 – Awarded “Debt Market Deal of the Year” for representation of Bain Capital in its $3.2 billion leveraged acquisition of restaurant chain Skylark, which operates more than 3,600 units in Japan. This transaction has been the largest private equity firm buyout in Japan since the beginning of the global financial crisis in 2008.