Karen Ho

Since joining Kirkland & Ellis, Karen has represented:

• The offeror on its proposed privatization of Vesync (HKSE: 2148);

• The Carlyle Group in its proposed acquisition of KFC Holdings Japan, Ltd. (9873.T), the operator of the Kentucky Fried Chicken (KFC) fast-food franchise in Japan, together with the related long term franchise arrangements with brand owner, Yum! Brands. This transaction was named “Best Private Equity Deal - North Asia” by FinanceAsia Achievement Awards 2024;

• The Carlyle Group in the $1.8 billion sale of its stake in the strategic partnership that operates and manages McDonald's franchised businesses in China, Hong Kong and Macau to McDonald's Corp. (NYSE: MCD). This transaction was named “Best Private Equity Deal - China Offshore” by FinanceAsia Achievement Awards 2024 and “Deals of the Year 2024” by China Business Law Journal;

• An investor consortium on its acquisition and development of Subway’s China business, which operates the quick-service-restaurant business in mainland China under the master franchise granted by the SUBWAY® brand owner. It is the largest master franchise in Subway history and reportedly one of the largest across the global quick-service-restaurant industry. This transaction was named “Deals of the Year 2023” by China Business Law Journal;

• KKR-backed EQuest Education Group on its debt financing for its acquisition of a controlling stake in Khoi Nguyen Education Group (KNE), an education services provider operating international and bilingual schools in Vietnam;

• Bain Capital on its leveraged buy-out of VXI Global Solutions, a leading provider of Business Process Outsourcing services to businesses around the world, from the Carlyle Group; 

• Sequoia China Infrastructure Fund on its investment in GDS Holdings Limited (NASDAQ: GDS; HKSE: 9698), a developer and operator of high-performance data centers in China, through the purchase of $200 million 0.25% convertible senior notes due 2029. Sequoia China Infrastructure Fund and GDS also entered into a strategic cooperation agreement to pursue future collaboration; 

• The Blackstone Group on its acquisition of all of the issued share capital of Interplex Holdings Pte. Ltd., which was indirectly owned by funds managed by Baring Private Equity Asia, in a transaction valued at approximately US$1.6 billion;

• Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, and Mr. Jinbo Yao, Chairman of the Board and Chief Executive Officer of 58.com, in the take-private of 58.com Inc. (NYSE: WUBA), China’s largest online classifieds marketplace, at a valuation of approximately US$8.7 billion with debt financing of US$3.5 billion. This transaction was named Finance Deal of the Year: Acquisitions by The Asia Legal Awards 2021 and “Finance Deal of the Year” by China Law & Practice Awards 2021;

• FountainVest on its acquisition of Ziwi, a New Zealand-based ultra-premium pet food manufacturer and global exporter; 

• JD Property Group Corporation in its acquisition of a controlling interest in, and the related takeover of, China Logistics Property Holdings Co., Ltd. (HKSE: 1589);

• New Frontier Public Holding Ltd., the lead investor in the buyer consortium, on the RMB equivalent of US$500 million debt financing for the take private of New Frontier Health Corporation (NYSE: NFH), operator of the premium healthcare services provider United Family Healthcare. This transaction was named “Deals of the Year 2022” by China Business Law Journal;

• New Frontier on the leveraged financing for the business combination with United Family Healthcare in China;

• KKR on the leveraged financing for the acquisition of the NVC Lighting business in China;

• KKR on the leveraged financing for the investment by KKR and GIC in Metro Pacific Hospitals in the Philippines;

• Blackstone Capital Partners on the leveraged financing for its buy-out of Shya Hsin;

• KKR on the financing for its investment in Housing Development Finance Corporation Ltd.;

• The Carlyle Group, CITIC Limited and CITIC Capital Holdings in the US$2.08 billion acquisition of the McDonald’s operations in China and Hong Kong and negotiation of a 20-year master franchise agreement ― the largest McDonald’s franchise in the world. This transaction was named “2017 M&A Deal of the Year (Hong Kong)” and “2018 M&A Deal of the Year (China)” by Asia Legal Business and “2017 Private Equity Deal of the Year” by International Financial Law Review;

• Apax Partners in relation to a US$180,000,000 financing in connection with its investment in Shriram City Union Finance Ltd.;

• Apax Partners in relation to a HK$1,170,000,000 financing in connection with its cornerstone investment in the HKEX listed Guotai Junan Securities Co., Ltd.;

• Carlyle on the leveraged financing for its acquisition of VXI Global Solutions;

• Studio City, a major leisure and entertainment operator based in Macau, on the refinancing of its HK$ 10,855,880,000 senior secured term loan and revolving facilities agreement with an aggregate of approximately US$1.23 billion senior secured notes and a super senior term and revolving credit facility;

• Bain Capital Credit on certain financing aspects of its acquisition of GE Capital's Commercial Lending and Leasing portfolios in Australia and New Zealand; and

• The ad hoc Steering Committee of bondholders of Kaisa Holdings in relation to Kaisa’s outstanding US$2.5 billion of defaulted bonds.

Prior to joining Kirkland & Ellis, Karen has advised on the following:

• An international bank syndicate in connection with a term loan facility for one of the largest aluminum producers in China, which was granted in connection with the issuance of secured convertible bonds and warrants by the borrower’s listed holding company;

• An international bank syndicate on the acquisition financings for one of the largest Chinese food conglomerates in connection with its acquisition of an Israeli diary conglomerate and an Italian olive oil producer;

• An international bank on a margin financing transaction in the form of private notes plus warrants secured by shares of companies listed in Hong Kong;

• A global investment bank in connection with bridge and margin loan facilities for a major conglomerate, the proceeds of which were used to finance the purchase of shares of a PRC company listed in Hong Kong. The margin loan facilities were made available in conjunction with a collar financing;

• A China-based provider of digital cinema services backed by Carlyle in connection with a term and revolving facilities, and an uncommitted acquisition facility;

• An international bank syndicate on the financing of the acquisition of a controlling stake in two Maldives-based sea-plane operators by Blackstone. The financing was the first leveraged buyout transaction in the Republic of Maldives;

• An international bank syndicate in connection with the financing of the acquisition by Goodman Hong Kong Logistics Fund of a controlling stake in DP World Asia Limited; and

• A global investment bank on an acquisition facility for Hutchison Port Holdings Trust in connection with its acquisition of Asia Container Terminal Holdings Limited.

Allen & Overy — Associate, Banking, Hong Kong, 2012–2016

Allen & Overy — Trainee, Hong Kong, 2010–2012