以亚洲为投资重心的私人股本基金骏麒投资（Affinity Equity Partners）近日以2亿美金的价格收购了北京利德华福电气技术有限公司94%的股份。虽然相对于国际标准，此次收购交易金额贵规模较小，但它却是单一海外私募股权基金在华规模最大的一笔收购。

在此次交易中，高纬绅与通商分别为收购方的国际和中国法律顾问；路伟则为北京利德华福提供法律咨询和服务。

"Activity in the China PE market continues to increase post-credit crisis. Whilst most of the activity tends to be minority investments, this transaction will be a reminder that buyout deals are also possible," said Clifford Chance's PE partner in Beijing, Terence Foo, who led the firm's team. "The challenge is to find the right company with the right structure that is suitable for a buyout."

This is the third successful buyout of a Chinese company that Clifford Chance has closed in recent years. Previously, the firm advised CVC Asia Pacific on the buyout of Plantation Timber Products in 2006 and Asia Dekor Holdings Limited in 2008. Both deals were LBOs, and both involved deal sizes of US$100m and above.

Firms who are hoping to close more LBOs will continue to overcome some significant barriers. "Buyouts in China are notoriously difficult to close," said Foo. He pointed out three main challenges to buyouts: high-value deals typically require regulatory approvals at the central government level which are more difficult to obtain; a foreign investor taking control of a Chinese national champion may encounter some form of protectionism; and getting leverage from banks for China deals is difficult where the ability to obtain security is fairly limited.

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