Morrison Foerster advised Silver Crest Acquisition Corporation (NASDAQ: SLCR) (“Silver Crest”), a publicly traded special purpose acquisition company (“SPAC”), in connection with its de-SPAC merger with TH International Limited (“Tims China”), the parent company of the exclusive master franchise of Tim Hortons coffee shops in China. The transaction values Tims China at an initial enterprise value of approximately $1.4 billion and was consummated on September 28, 2022.
The cross-border MoFo deal team advising Silver Crest on the transaction was led by Hong Kong Partner and Global Chair of the firm’s Private Equity Group Marcia Ellis, Shanghai Corporate Partner Ruomu Li, and New York Corporate Partner Omar Pringle, together with New York Corporate Partner and Co-chair of the firm’s Global Corporate Department Mitchell Presser, New York Corporate Partners Joseph Sulzbach and John Owen, Shanghai technology transactions Partner Chuan Sun, Washington, D.C. Corporate Partner and Co-chair of the firm’s Corporate Finance | Capital Markets Department David Lynn, Hong Kong Associate Yilong Luo, and Tokyo Associate Bryce Gray. The wider team included Hong Kong Tax Partner Matthew Lau.
Very recently, a team led by Marcia Ellis and Hong Kong Corporate Partner Vivian Yiu also advised Haitong International Capital Limited, the sole sponsor, on the successful HK$ 1 billion listing of HK Acquisition Corporation on the Stock Exchange of Hong Kong Limited.
MoFo has advised on over 45 SPAC IPO and de-SPAC transactions globally. Our lawyers work as an integrated team on matters involving SPACs worldwide, representing all participants in the SPAC market. MoFo’s recent MoFo Asia Buyouts and De-SPAC Analysis explores the main terms of 34 Asian buyout transactions and 18 de-SPAC deals involving targets in Asia from July 2020, to November 2021.