|Source: Kirkland & Ellis|
Kirkland & Ellis represents the independent committee of Focus Media Holding Limited in its definitive agreement announced today to be acquired in a going private transaction by Jason Nanchun Jiang, the company's chairman and CEO; affiliates of and funds managed by Giovanna Investment Holdings Limited, an entity owned and controlled by Carlyle Asia Partners III, L.P.; Gio2 Holdings Ltd., an entity owned and controlled by FountainVest China Growth Capital Fund, L.P., FountainVest China Growth Capital Fund II, L.P., their respective parallel funds and affiliates; Power Star Holdings Limited, an entity owned and controlled by CITIC Capital China Partners II, L.P.; and State Success Limited, an entity owned and controlled by affiliates of China Everbright Structured Investment Holdings Limited. In addition, Fosun International Limited and/or its affiliates will become a beneficial owner of the surviving company after the transaction is completed. The transaction values Focus Media's equity at approximately $3.7 billion and will be financed in part by $1.525 billion in committed debt financing. The transaction is currently expected to close during the second quarter of 2013. If completed, this will be the largest ever leveraged buyout of a Chinese company.
The Kirkland team is led by Hong Kong corporate partners David Zhang, Jesse Sheley and Stephanie Tang.