Hong Kong – Mayer Brown is pleased to announce that it advised The Children’s Investment Master Fund (TCI) to sell its shareholding of Chinese Future Corporation (CFC) to Moscan Developments Limited (Moscan) , a wholly-owned subsidiary of NWS Holdings, for US$280 million.
The TCI sale agreement followed a previous purchase by Moscan which was completed in July. Upon completion of the deal, CFC will become a subsidiary of NWS. CFC owns a 95% indirect equity interest in the Hangzhou Ring Road (HZRR) - one of the longest and busiest expressways in the Yangtze River Delta region. This deal gives NWS a majority stake of approximately 58.66% of HZRR.
"The deal involved a lot of moving parts and threw up numerous technical and logistical challenges," said Mark Derbyshire, partner at TCI. "To have achieved the deal with so few hitches is a real testament to the tenacity, stamina and legal acumen of Mayer Brown."
The Mayer Brown team was led by corporate partner Jeremy Cunningham, with assistance from senior associate Eugene Wong.