Freshfields advises ESR Group Limited on its US$7.1 billion proposed privatisation, the largest take-private from the Hong Kong Stock Exchange since 2021

Global law firm Freshfields is advising ESR Group Limited (‘ESR’) on its proposed privatisation from the Hong Kong Stock Exchange by a consortium led by Starwood Capital Group, Sixth Street and SSW Partners (and which also includes QIA, Warburg Pincus, and the founders of ESR) by way of scheme of arrangement.  Additional information is available here.

The proposed transaction values ESR at HK$55.2 billion (approximately US$7.1 billion) on an equity value basis, making it the largest privatisation from the Hong Kong Stock Exchange since 2021. Upon the scheme of arrangement becoming effective, the consortium offeror will own 100 per cent of ESR. The proposed privatisation is subject to various conditions, including approval by independent shareholders and regulators.

ESR is Asia-Pacific’s leading new economy real asset manager and one of the largest listed real estate investment managers globally.  

The Freshfields team advising on the transaction was led by partners Edward Freeman and Grace Huang and counsel Danny Li, with support from counsel Cindy Kwong, senior associate Dickson Chan and associate Eric Cheung. Partner Matthew O’Callaghan and associate Lu Feng are advising on regulatory issues, counsel Stephanie Chiu is advising on employment issues, partners Christine Laciak and Aimen Mir are advising on US law matters, and partner Alastair Mordaunt, counsel Laurent Bougard and associate Ziqi Zhou are providing foreign investment and antitrust advice. Partner Daniel Cendan, counsel Matthew Haggans and associate Alice Jeon are advising on compliance matters.