Appleby Advises On Billion Dollar Deal
British multinational legal firms Freshfields Bruckhaus Deringer, Linklaters and Slaughter & May have won advisory roles on a $1.1 billion offer to take private Bermuda-incorporated, Hong Kong-listed investment holding company Guoco Group.
According to a report in the British legal journal “The Lawyer” today [Dec. 17], the potential deal sees Guoco Group’s ultimate holding company, Malaysian conglomerate Hong Leong Company, offer $1.1 billion to acquire all the shares of Guoco other than those it already holds.
Guoco Group is a investment holding company with operations and investments throughout Asia and in Europe. It is principally engaged in investment, property development and investment, hospitality and leisure and financial services.
It is part of Malaysia’s conglomerate Hong Leong Group, as is Hong Leong Company. Hong Leong’s co-founder and chairman, Malaysian tycoon Quek Leng Chan, is also the chair of Guoco and a major shareholder in the company.
Offshore firm Appleby acted as Bermuda counsel for Hong Leong in the deal.
According to Guoco’s statement, its privatisation will simplify the shareholding structure of Guoco and improve corporate efficiency. It said full ownership of Guoco by Hong Leong will facilitate integration between Hong Leong and Guoco and provide Hong Leong with greater flexibility to support the future business development of Guoco.
