Privatization of I.T Limited by Way of a Scheme of Arrangement
Hong Kong – Paul Hastings, a leading global law firm, announced that it has advised I.T Limited on the proposal for the privatization of I.T Limited by Brooklyn Investment Limited (the “Offeror”) by way of a scheme of arrangement under section 99 of the Companies Act of Bermuda (the “Scheme”) and the withdrawal of listing of the shares of I.T Limited from the Hong Kong Stock Exchange. The total amount of cash required to implement the privatization proposal is approximately HK$1.3 billion (US$167 million). The Scheme has become effective on April 28, 2021 (Bermuda time) and the listing of the shares of I.T Limited on the Hong Kong Stock Exchange was withdrawn on April 30, 2021 (Hong Kong time).
I.T Limited is incorporated in Bermuda and has been listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 999.HK) since March 2005. It is principally engaged in the design, sourcing and sales of fashion wear and accessories. Its in-house brands include izzue, b+ab, 5cm, fingercroxx, :CHOCOOLATE, MUSIUM DIV., and Venilla suite. Its licensed brands include Off-White, Acne Studios, Comme des Garcons, Fred Perry, as know as de Rue, MLB and X-Large. The Offeror is a special purpose vehicle held by a consortium formed between the founders of I.T Limited and CVC, a leading private equity and investment advisory firm with commitments of more than US$120 billion from some of the world’s leading institutional investors across its private equity strategies.
Our leading corporate practice in Greater China has substantial experience representing clients in various Hong Kong listings, privatizations and related transactions. This year, we have already advised on the privatization of Huifu Payment by Purity Investment, the proposed privatization of Inner Mongolia Energy Engineering by Inner Mongolia Energy Engineering (Group), and the proposed privatization of China Zhongdi Dairy by Wholesome Harvest.
The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, with support from associates Andy Tam, Crystal Liu and Jessica Lam, and trainee solicitor Kristy Wong.
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.