News

CDH Investments to Acquire Sirtex for US$1.4 Billion

June 14, 2018

Hong Kong – Paul Hastings, a leading global law firm, announced today that it has advised CDH Genetech Limited (“CDH”), part of the CDH Investments group, on its agreement (together with Hong Kong-listed China Grand Pharmaceutical and Healthcare Holdings Limited (“CGP”)) to enter into a Scheme Implementation Deed with Australian-based medical device company Sirtex Medical Limited (“Sirtex”) to acquire all the issued shares of Sirtex for A$33.60 per share in cash through a Scheme of Arrangement. On a fully diluted basis, the CDH-CGP Scheme represents a total equity purchase price for Sirtex of approximately US$1.4 billion. Lazard is acting as sole financial advisor to CDH.

CDH is a dedicated alternative asset fund manager with approximately US$20 billion of assets under management. CDH plans to invest in Sirtex to ensure its continued success and enhance its growth prospects globally in existing and new markets.

The Paul Hastings team was led by

Raymond Li,

partner and Chair of Greater China, and corporate partner

, with support from

and

in Hong Kong;

in Shanghai;

, Scott Hataway,

, and

in Washington, D.C.;

and

in New York;

in Palo Alto;

and

in Frankfurt; and

in Paris.

The acquisition marks another billion-plus M&A transaction for the Paul Hastings team, which has demonstrated significant strength over many years in the most complex global transactions, including acting for WH Group (formerly known as Shuanghui International) on its acquisition of

Smithfield Foods

in 2013, and currently acting for COSCO SHIPPING Holdings Co., Ltd. in a voluntary general cash offer for all of the issued shares of

Orient Overseas

(International) Limited pursuant to the Hong Kong Takeovers Code.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.