Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom have advised a consortium led by Carlyle Group on its agreement to take Chinese budget hotel chain 7 Days Group Holdings private for $688 million.
The consortium – comprising Carlyle Group, Sequoia Capital, Actis and the co-chairmen of 7 Days Group Boquan He and Nanyan Zheng – initially approached the hotel chain last September. The 7 Days Group had lost half its value since 2010 before receiving the take-private offer, reports Reuters.
The Kirkland team was headed by Hong Kong partners David Zhang, Ashley Young, Douglas Murning, Stephanie Tang, and Shanghai-based partner Samuel Williamson.
O’Melveny & Myers counseled 7 Days Group, while Baker & McKenzie and Maples and Calder advised a special committee of the company’s board. JP Morgan Securities (Asia Pacific) Ltd, advised by Shearman & Sterling, was the financial adviser to the special committee.
In addition to Kirkland & Ellis and Skadden, China’s Han Yi Law Firm and Conyers Dill & Pearman also advised the Carlyle Group-led consortium.
The deal is expected to close in the second half of 2013.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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