Kirkland & Ellis is acting as U.S. legal counsel to a buyer group – Dream Investment Holdings and its subsidiary, Dream Merger Sub Limited – on its agreement to purchase iDreamSky Technology, China’s leading mobile game distributor.

Led by Michael Xiangyu Chen, iDreamSky’s CEO and chairman of the board, the consortium will acquire the NASDAQ-listed tech firm for a cash consideration worth $3.50 per Class A and Class B ordinary share or $14 per American depositary share, which values the company at about $620 million.

K&E’s team is headed by Hong Kong corporate partners David Zhang, Jesse Sheley and Amie Tang.  Walkers is serving as the consortium’s adviser in matters pertaining to Cayman Islands law. 

Shearman & Sterling is advising iDreamSky’s special committee, composed of independent directors of the company’s board, with a team led by Hong Kong partner Paul Strecker. He is being assisted by Menlo Park-based partners Larry Crouch and Richard Hsu.

Maples and Calder is advising the special committee on Cayman Islands law. Hogan Lovells is representing Duff & Phelps, the committee’s financial advisor.

The deal, which is expected to be completed in the second quarter of 2016, is subject to various closing conditions and shareholder approval.