Posted on:Weil in the News
Weil represented MBK Partners as lead international and lead Hong Kong M&A counsel in connection with the $1.1 billion acquisition and take-private, by funds managed by MBK Partners, of CAR Inc. by way of an initial acquisition of 20.9% of HKEx-listed CAR Inc. and a voluntary general cash offer (VGO) for all the remaining shares in CAR Inc.
Weil supported MBK Partners on this highly complex transaction, including the closing of the 20.9% acquisition in December 2020, the satisfaction of the VGO preconditions (including lender consents and bondholders consent solicitations), CAR Inc.’s refinancings during the course of the VGO, the closing of the VGO in March 2021, and CAR Inc. delisting from the HKEx on July 8, 2021.
Headquartered in Beijing, CAR Inc. is one of the largest car rental service providers in China.
The Weil team was led by Hong Kong Private Equity and M&A partners Tim Gardner and Henry Ong, and included counsel Sandy Lin and Kevin Yao, and associates Carolyn Ho, Briana Liu, Yujing Liu, Graham Price, Alan Wen, Qi Zhang and Sam Flood.