November 30, 2023
Weil has been recognized for its leading role in the $6.5 billion business combination of Tricor Group and Vistra Group Ltd, and in Bain Capital’s $3.16 billion take-private of Chindata Group Holdings Limited, which have been named a 2023 Best Private Equity Deal in Hong Kong SAR and China, respectively, by FinanceAsia Achievement Awards.
Weil acted as counsel to the lead co-investor in the $6.5 billion business combination of Tricor Group and Vistra Group Ltd, two large portfolio companies of BPEA EQT (formerly known as Baring Private Equity Asia). The successful merger of the two Asia-headquartered corporate services providers creates a market leader in the global business services space. This landmark transaction was reported by Reuters as one of Asia's largest private equity-backed transactions this year.
Weil is also representing Citigroup Global Markets Asia as financial advisor to the special committee of the board of directors of Chindata Group in connection with the $3.16 billion take-private acquisition of U.S.-listed Chindata Group by Bain Capital. Chindata Group (NASDAQ: CD) is a leading carrier-neutral hyperscale data center solution provider and a first mover in building next-generation hyperscale data centers in Asia-Pacific emerging markets including China, India and Southeast Asia. The transaction, which is the largest take-private deal involving a Chinese company to date in 2023 according to Mergermarket, is expected to close during the fourth quarter of 2023 or the first quarter of 2024.
The Weil team involved in the two award-winning transactions was led by Hong Kong Private Equity partners Tim Gardner and Chris Welty, with the support of the Firm’s multi-disciplinary specialists in the United Kingdom and the United States.
The global Weil team included Jie Yuan, Max Chu and Qi Zhang in Hong Kong; Stephen Fox, James Harvey, Aron Joy and Oliver Rosshandler in London; Greg Featherman in New York, and Shawn Cooley and Adé Heyliger in Washington, D.C.
The 27th annual FinanceAsia Achievement Awards recognize excellence across Asia-Pacific financial markets and highlights the accomplishments of dedicated financial and legal players across the region. The high-profile awards received over 600 submissions, which are reviewed and judged by an advisory board of external experts along with the support of the FinanceAsia editorial team.