Winston & Strawn, Simpson Thacher & Bartlett, Kirkland & Ellis and Global Law Office have advised New Frontier Corporation (NFC) to acquire United Family Healthcare (UFH) from alternative investment firm TPG and Shanghai Fosun Pharmaceutical (Fosun Pharma) for $1.44 billion. Paul Hastings has advised Fosun Pharma, while Cleary Gottlieb Steen & Hamilton and Fangda Partners are advising TPG. Hughes Hubbard & Reed is acting as legal adviser to Roberta Lipson, the founder and CEO of UFH.
The transaction is aimed at creating China’s largest publicly listed integrated healthcare service company. Upon closing of the transaction, UFH, one of the largest private healthcare providers in China, is expected to list on the New York Stock Exchange and will be rebranded as New Frontier Health Corporation (NFH). UFH is expected to generate about $362 million in revenue in 2019.
NFC, a New York Stock Exchange-listed company, is a special purpose acquisition company (SPAC) sponsored by New Frontier Group, a China-focused investment group investing, building and operating diversified businesses in the new economy sectors of China.
Partners Joel Rubinstein, Jonathan Rochwarger, Elliot Smith, and Nyron Persaud from Winston & Strawn provided advice.
Leading the Paul Hastings team are partners Jia Yan and David Wang, with support from Keith Pisani.
Gary Simon led the HHR team, which included Spencer L. Harrison, Erin E. DeCecchis, and Jennifer E. Graham.
The GLO team was led by partner Lin Huawei.
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