Clifford Chance and Linklaters advised on HSBC’s proposed privatisation of Hang Seng Bank for $13.6 billion.

Clifford Chance is advising HSBC Holdings plc (HSBC) and The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific) on its HK$106 billion (approximately US$13.6 billion) proposed privatisation of Hang Seng Bank Limited (Hang Seng), its Hong Kong-listed subsidiary. The transaction values Hang Seng at HK$290 billion (approximately US$37.3 billion) on an equity value basis.

The proposed privatisation through a scheme of arrangement will involve HSBC Asia Pacific, a wholly owned subsidiary of HSBC, acquiring all the remaining shares of Hang Seng held by the minority shareholders and the delisting of Hang Seng from the Hong Kong Stock Exchange.

The cross-border team was led by Partners Richard Crosby, Virginia Lee, Tommy Tam and Alex Bidlake, with support from Partner James Bole. The wider team included Chloe Choy, Winnie Poon, Anson Wong, Priscilla Au-Yeung and Minnie Xu (Hong Kong); Rui Huo, Jennifer Xue and Tom Masters (London) on M&A aspects; Rocky Mui and Andre Da Roza (Hong Kong) and Caroline Dawson (London) on financial regulatory aspects; and Matteo Sbraga (London) and Jonathan Zonis (New York) on debt and US capital markets aspects. Kimi Liu from Shanghai He Ping Law Firm* provided financial regulatory advice on PRC law matters.

Linklaters is advising the joint financial advisers to the offeror on the proposed privatisation of Hang Seng Bank, one of Hong Kong SAR’s largest domestic banks, by way of a scheme of arrangement under section 673 of the Companies Ordinance. The transaction, which involves the proposed withdrawal of listing of Hang Seng Bank shares from the Hong Kong Stock Exchange, has a deal value of approximately HK$106bn (approximately US$13.6bn).

The Linklaters team was led by corporate partner Roger Cheng and solicitor Inez Wong, with support from associate Zoe Cheung.