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MoFo Advises on China’s Largest Leveraged Buyout

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Morrison & Foerster is representing Shanghai's Fosun International in the $3.5 billion going-private transaction of Focus Media Holding Ltd., a deal that closed May 23. Focus Media, NASDAQ-listed since 2005, is China's leading multiplatform, digital media company and provides flat-panel digital advertising services on displays located in more than 100 cities in China.

Focus Media's delisting marks the largest-ever going private transaction by a Chinese company, and reflects an increasing trend in Chinese firms exiting the U.S. securities markets. Morrison & Foerster is highly experienced representing companies in going-private transactions, and, in fact, has written a guide focused on take-private deals for companies doing business in China and Hong Kong, available here.

Fosun, which is Focus Media's second largest shareholder, agreed to rollover a significant portion of its investment in Focus Media, and now holds a roughly 17-percent stake in the company. Carlyle Group, FountainVest Partners, CITIC Capital Partners, and China Everbright are investors in the deal, in addition to Fosun and Focus Media's Chairman.

Los Angeles corporate partner Hillel T. Cohn led the Morrison & Foerster deal team that included Hong Kong corporate partner Gregory Wang, Los Angeles financial transactions partner Kathryn I. Johnstone, New York financial transactions partner Peter C. Dopsch, Los Angeles corporate associate Calvin Z. Cheng and Shanghai corporate associate Alexandra Gao.

Focus Media's press release can be found here.