Clifford Chance has advised Chinese internet entertainment and technology company Baofeng and Chinese financial services company Everbright to acquire a 65 per cent stake in Italy's sports media rights business MP & Silva, which was represented by Allen & Overy.

The deal, which values MP & Silva at more than $1 billion, aims to provide the Italian company with additional financial resources to accelerate international growth in the Chinese market.

The Clifford Chance team, led by London-based global head of media Daniel Sandelson, worked closely with a corporate team in Beijing led by Terence Foo, co-managing partner for China. The Allen & Overy team on the transaction was led by managing partner Andrew Ballheimer.