Li & Fung Limited’s Proposed Privatisation

Slaughter and May is advising Morgan Stanley Asia Limited, financial adviser to Golden Lincoln Holdings I Limited, the offeror.

The privatisation will be implemented by way of a scheme of arrangement.

The privatisation proposal was announced on 20 March 2020. The total amount of cash required to implement the privatisation proposal is approximately HK$7.2 billion.

Li & Fung specialises in responsibly managing supply chains of high-volume, time-sensitive goods for leading retailers and brands worldwide, and is focused on building the supply chain of the future and accelerating the speed in the supply chain through the development of its digital platform.

The offeror is a special purpose vehicle held by a consortium formed between a group of shareholders who hold a controlling stake in Li & Fung and GLP. GLP is a leading global operator and investor in logistics, real estate, infrastructure, finance and related technologies. GLP operates across Brazil, China, Europe, India, Japan and the U.S., and is a leading developer and operator of logistics and warehouse facilities serving manufacturers, retailers, e-tailers and logistics service providers, with a global property portfolio of approximately 62 millions square metres. GLP also has approximately US$89 billion in assets under management in real estate and private equity funds across the world.

Slaughter and May’s team included Lisa Chung (Picture), Vincent Chan (associate), David Chan (associate), Jason Chan (associate).

Involved fees earner: Jason Chan – Slaughter and May; David Chan – Slaughter and May; Vincent Chan – Slaughter and May; Lisa Chung – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Morgan Stanley Asia Limited;

Author: Michael Patrini