Press Release

Kirkland & Ellis Represents TPV in Acquisition of Remaining 30-Percent Stake in Television Joint Venture With Philips

Kirkland & Ellis represents TPV Technology Limited (listed on both Hong Kong and Singapore stock exchanges) in its proposed acquisition of the remaining 30-percent stake in TP Vision, the television joint venture with Koninklijke Philips N.V. (Philips; NYSE: PHG, AEX: PHIA). The parties announced the signing of a term sheet for the proposed acquisition on January 20, 2014. The signing of definitive agreements is expected to take place in the first quarter of 2014.

Kirkland has advised TPV Technology Limited on several transactions, including its initial acquisition of the 70-percent stake in the television joint venture with Philips in April 2012.

The remaining 30-percent stake in TP Vision will be transferred for a deferred purchase price, which will be combined with the deferred purchase price for the 70-percent stake previously acquired. After completion of the acquisition, TPV Technology Limited will fully own TP Vision.

The Kirkland team is led by Hong Kong-based corporate partners Nicholas Norris and Steven Tran, with assistance from corporate associate Joey Chau.

Kirkland attorneys have been trusted advisors in Asian deals for more than two decades, regularly representing clients in complex transactions in and involving Greater China and the rest of Asia, including inbound and outbound mergers and acquisitions and leveraged buyouts, capital markets issuances, joint ventures, growth equity investments, and offshore and RMB fund formations. The Firm also has a leading government enforcement and investigations practice, based in Shanghai, led by a former federal prosecutor with the U.S. Department of Justice. Kirkland’s Hong Kong, Beijing and Shanghai offices have more than 70 lawyers.

Kirkland & Ellis LLP is a global law firm with approximately 1,600 lawyers representing clients in complex corporate, private equity and tax, litigation and dispute resolution/arbitration, restructuring, and intellectual property and technology matters. The Firm has offices in Hong Kong, Beijing, Chicago, London, Los Angeles, Munich, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C.