22 September 2011
Hong Kong – Mayer Brown JSM 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 JSM."
The Mayer Brown JSM team was led by corporate partner Jeremy Cunningham, with assistance from senior associate Eugene Wong.