Private Equity

Weil has been recognized for leading the $2.2 billion (including debt) take-private of Hong Kong Stock Exchange listed CAR Inc. by MBK Partners with Private Equity Deal of the Year honors at the 2021 Mergermarket China M&A Awards.

Weil acted as lead international and lead Hong Kong M&A counsel in connection with the acquisition, with funds managed by MBK Partners, of CAR Inc. by way of an initial acquisition of 20.9% of CAR Inc. followed by 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 Hong Kong Stock Exchange 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 partner Henry Ong, and included counsel Sandy Lin and Kevin Yao, and associates Carolyn Ho, Briana Liu, Yujing Liu, Graham Price, Alan Wen, Jie Yuan, Qi Zhang and Sam Flood.

Mergermarket China M&A Awards honor the best legal and financial advisors in the region for creative advisory work on complex transactions.