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 Vivian Lam, with support from Fang Pei, Jeff Lee, Hulka Lo and May Lun in Hong Kong; Sophie Han in Shanghai; Robert Silvers, Scott Hataway, Scott Flicker, Charles Patrizia, Quinn Dang, and Reade Jacob in Washington, D.C.; David Shine, Vincent Buehler and Jordan Goldman in New York; Tiffany Lee in Palo Alto; Regina Engelstädter and Sebastian Klein in Frankfurt; and Pierre Kirch 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.
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