A team of Akin Gump attorneys has advised CITIC PE in relation to the management buyout of AsiaInfo-Linkage Inc. by a consortium that has taken the company private. The transaction closed on January 15.
The Chinese telecom software company, which provides software and data analytics to the telecommunications industry, accepted an offer to be acquired by a consortium led by CITIC Capital Partners, which valued the company at approximately $890 million. AsiaInfo-Linkage was formerly listed on Nasdaq.
The consortium, which included, among others, CITIC PE, CITIC Capital Partners, company co-founder Edward Tian, China Broadband Capital Partners II, Ellington Investments, AlpInvest Partners, InnoValue Capital and Qatar Holding, paid $12.00 per share for all outstanding stock in AsiaInfo-Linkage.
The buyout was financed in part by a $330 million debt facility provided by Bank of Taiwan, Cathay United Bank, ICBC International Capital, Maybank Investment Bank and Nomura International.
The transaction was approved by the special committee of independent directors and the company’s shareholders.
The Akin Gump team advising CITIC PE was led by Hong Kong corporate partner Greg Puff, supported by partner Zach Wittenberg and associate Michelle Chan. This transaction is one of more than 12 take-private transactions involving U.S.-listed Chinese companies on which Akin Gump has advised since February 2012.
