6 September 2010
Mayer Brown JSM advised CITIC 1616 Holdings Limited on its acquisition of a 49% interest in China Enterprise Communications for HK$258.4 million (US$33.2 million).
CITIC 1616 bought CEC, a virtual private network provider in China, from its parent CITIC Group and Beijing-based CE-SCM Network Technology. CITIC 1616 is a leading hub-based value-added services (VAS) provider to telecoms operators in Asia. One of its hub-based services is short messaging services (SMS). The deal marked the first direct asset injection by CITIC Group to CITIC 1616 in support of CITIC 1616's strategic development.
Mayer Brown JSM also acted for CITIC 1616 on its name-change proposal which will see "CITIC Telecom International Holdings Limited" as the company's new name.
The Mayer Brown JSM team was led by corporate partner Jeckle Chiu. Other law firms involved in the transaction include Chinese law firms Jingtian, which also advised CITIC 1616, and Zhonglun, which advised the sellers.
The deal was first announced on 2 September 2010.