Simpson Thacher & Bartlett has advised private equity company CVC Capital Partners on the formation of a new $3.5 billion Asia fund. London-based CVC has been raising money since last June for its Asia Pacific IV fund, which will invest in the consumer industry in China, Japan, Korea and Southeast Asia. The fund closed last month. London partner Gareth Earl led the Simpson team advising CVC, with help from London partner Jason Glover and New York partner Tom Bell. Mourant Ozannes Jersey partner Felicia de Laat acted for the private equity company on Jersey law matters. [Read full story]
Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom have had the lead roles on Chinese e-commerce giant Alibaba Group Holding Ltd.’s buyout of mobile Web browser developer UCWeb Inc. Alibaba, which already owns 66 percent of UCWeb, is tendering for the remaining shares. Terms of the deal were not disclosed, but The Wall Street Journal reported that UCWeb chief executive officer Yu Yongfu told staff at an internal meeting that the deal valued the company at more than double the $1.9 billion that Alibaba rival Baidu Inc. paid to acquire smartphone app store 91 Wireless Websoft Ltd, meaning that Alibaba is paying around $1.3 billion for the remaining 34 percent. Hong Kong partner Kathryn Sudol led a Simpson Thacher team representing Alibaba. Skadden Hong Kong partners Julie Gao and Will Cai and Beijing partner Daniel Dusek advised UCWeb. [Read full story]
