HNA Finance I Co.’s Disposal Of A controlling Interest In HKICIM


Slaughter and May is advising HNA Finance I and HKICIM in relation to the disposal by HNA Finance I of a controlling interest in HKICIM to Blackstone and the mandatory general offer for HKICIM.

Slaughter and May, Hong Kong, is advising HNA Finance I Co., Ltd. (HNA Finance I) and Hong Kong International Construction Investment Management Group Co., Limited (HKICIM) in relation to the proposed disposal by HNA Finance I of its 69.5% shareholding in HKICIM to Times Holdings II Limited (Times Holdings) and the possible mandatory general offers (Offers) to be made by Times Holdings to acquire all the issued shares in, and to cancel all outstanding share options of, HKICIM.

The transaction and the Offers were announced on 8 March 2019. The consideration payable to HNA Finance I is approximately HK$7.0 billion, and the total value of the Offers (assuming that no share options of HKICIM are exercised before the close of the Offers) is approximately HK$3.3 billion (€ 371 Million).

HNA Finance I Co., Ltd. is wholly-owned by HNA Group Co., Ltd..

HKICIM is listed on the Hong Kong Stock Exchange. It is principally engaged in foundation piling and site investigation, property development and investment businesses.

Times Holdings is ultimately controlled by The Blackstone Group L.P..

The team was composed by partner Clara Choi (Picture), Vincent Chan (associate), David Chan (associate), Caroline Lin (associate)

Involved fees earner: Vincent Chan – Slaughter and May; David Chan – Slaughter and May; Clara Choi – Slaughter and May; Caroline Lin – Slaughter and May;

Law Firms: Slaughter and May;

Clients: HNA Finance I Co.; Hong Kong International Construction Investment Management Group;

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Author: Michael Patrini