Slaughter and May is advising Great Wall Pan Asia Investment - acquisition of Armada Holdings (formerly known as SCMP Group Limited) valued at US$270 million
Slaughter and May, Hong Kong, is advising Great Wall Pan Asia Investment Co., Limited (Great Wall Pan Asia) on the proposed acquisition of approximately 74.19% of the issued share capital of Armada Holdings Limited (formerly known as SCMP Group Limited) (Armada) from Kerry Media Limited (Kerry) and its related parties. Armada is listed on the Hong Kong Stock Exchange and is principally engaged in property investment. Upon completion of the proposed acquisition, Great Wall Pan Asia (BVI) Holding Limited, a direct wholly-owned subsidiary of Great Wall Pan Asia, will make a mandatory unconditional cash offer for the entire issued share capital of Armada other than the 74.19% already acquired from Kerry. In respect of the proposed acquisition and the possible mandatory unconditional cash offer, Armada has been valued at approximately HK$2.1 billion (approximately US$270 million).
BOCI Asia Limited is acting as the financial adviser to Great Wall Pan Asia and Great Wall Pan Asia (BVI) Holding Limited.
Great Wall Pan Asia is a wholly-owned subsidiary of China Great Wall Asset Management Corporation, a state-owned enterprise and one of the leading asset management corporations in the PRC. Its principal businesses are distressed asset management, investment and asset management and comprehensive financial services.
The signing of the sale and purchase agreement was announced on 12 August 2016, and the completion of the agreement is subject to a number of conditions precedent, including shareholders’ approval.
This transaction follows the successful completion on 5 April 2016 of the HK$2.06 billion disposal by Armada of its media business (including South China Morning Post) to Alibaba Investment Limited (a subsidiary of Alibaba Group Holdings Limited) which Slaughter and May also advised on as legal counsel to Alibaba.