Udenna Corporation’s $5.4 Billion Joint Venture With China Telecommunications Corporation

Milbank LLP advised Udenna Corporation (“Udenna”), one of the fastest growing holding companies in the Philippines, on its US$5.4 billion joint venture arrangement with China Telecommunications Corporation (“China Telecom”) for Dito Telecommunity Corp. (“Dito”) which was selected as the winning bidder of the Philippines’ third telecommunications license. Shearman & Sterling advised China Telecommunications Corporation on the deal.

Dito’s historic winning bid is the first full-service telecommunications license to be released in Asia in almost 10 years.

The joint venture, originally named Mindanao Islamic Telephone Company, Inc., was rebranded as Dito after receiving its operating license in June. Under the terms of its license, Dito has committed to delivering an average speed of 27 Mbps to just over 37% of the population within its first year of operation. It is anticipated that the entry of Dito into the Philippines telecommunications market will foster a healthy competitive environment that will ultimately benefit consumers.

The Milbank team was led by Singapore-based partner Jacqueline Chan (Picture) and Hong Kong-based partner Jim Grandolfo, with counsel Paul Pery and associate Min Kim.

The Shearman & Sterling team was led by partner Li Chen (Beijing/Hong Kong), with support from partners Lee Edwards (Beijing), Anna Chung (Seoul) and Etienne Gelencser (Tokyo). Counsel Kenneth Ching (Hong Kong) and Scott Baggett (Seoul), and associates Patrick Liu (Hong Kong), Richard Ou (Shanghai), Kuinan Wei and Weina Guan (Beijing), Claude Jiang (Shanghai), Wang Liu (Beijing), Jean-Louis Neves Mandelli and Anna Lam (Singapore) were also involved in the transaction.

Involved fees earner: Jacqueline Chan – Milbank; James Grandolfo – Milbank; Min Kim – Milbank; Paul Pery – Milbank; Scott Baggett – Shearman & Sterling; Li Chen – Shearman & Sterling; Kenneth Ching – Shearman & Sterling; Anna Chung – Shearman & Sterling; Lee Edwards – Shearman & Sterling; Etienne Gelencsér – Shearman & Sterling; Weina Guan – Shearman & Sterling; Claude Jiang – Shearman & Sterling; Anna Lam – Shearman & Sterling; Patrick Liu – Shearman & Sterling; Jean-Louis Neves Mandelli – Shearman & Sterling; Richard Ou – Shearman & Sterling; Liu Wang – Shearman & Sterling; Kuinan Wei – Shearman & Sterling;

Law Firms: Milbank; Shearman & Sterling;

Clients: China Telecommunications Corporation; Udenna Corporation;

Author: Michael Patrini