Harneys has won four Deal of the Year Awards from China Business Law Journal for its work on Ant Financial’s series C fundraising, Key Safety Systems’ acquisition of Takata Corporation, the Material asset restructurings of Jiangsu Shagang and C.H.M.T’s purchase of The Center in Hong Kong.
Harneys advised Deutsche Bank in relation to the financing of Key Safety Systems’ US$1.6 billion acquisition of Takata Corporation, a Japanese air-bag maker. The acquisition was reported to be the largest on record of a Chinese entity acquiring a Japanese company. It was funded with a combination of debt and equity and involved the sale of assets through coordinated restructuring proceedings in the US and Japan, as well as an out-of-court sale of the assets of certain Takata subsidiaries in Germany and China. Asia Head of Transactional, Paul Sephton, advised on the transaction.
Harneys advised US private equity firm, Warburg Pincus, in relation to their investment, via a tranche of US dollar financing, in the Chinese payment giant Ant Financial. Ant Financial raised around US$14 billion, a private company’s biggest single fundraising effort globally. The success transformed Ant Financial into the largest fintech firm in the world. Asia Head of Transactional, Paul Sephton and Singapore based Counsel, Shari Hawke, advised on the transaction.
Harneys advised Jiangsu Shagang in relation to the BVI aspects of its asset restructuring. Jiangsu Shagang Co Ltd intended to purchase a 100 per cent stake in Suzhou Qingfeng Investment Management Co Ltd for a consideration of RMB22.9 billion, to enable the indirect acquisition of the data centre business of Global Switch, the world’s third-largest third-party internet data centre outside the PRC. BVI based Partner Greg Boyd and Senior Associate Joshua Mangeot advised on the transaction.
Harneys advised C.H.M.T Peaceful Development Asia Property Ltd (C.H.M.T) on the purchase of The Center in Hong Kong. C.H.M.T. bought the property for HK$40.2 billion (US$5.2 billion) in the world’s most expensive real-estate transaction to date for a single building. Harneys’ late Asia Managing Partner, Jonathan Culshaw, advised on the transaction.
Harneys’ Asia Managing Partner, Ian Mann, said: “These awards highlight the outstanding performance of our team which attracts the most high-value complex and record-breaking deals in the region. Harneys repeatedly wins the market’s top-end work and is the go-to firm for the very biggest deals. I thank our loyal clients for their support.”
China Business Law Journal’s awards are presented annually and are based on hundreds of nominations from in-house counsel and other qualified observers, and research conducted by China Business Law Journal’s editorial team.
Harneys has received a number of awards in Asia, including Best Offshore Law Firm at HFM’s Asia Awards earlier this this year; and International Law Firm of the Year at the China Offshore Awards in November 2017.