Fangda represented MBK Partners in its acquisition and privatization of CAR Inc. (“CAR”, HK Stock Code：00699), the largest car rental company in China.
MBK Partners firstly acquired an approximately 20.9% stake in CAR, and then acquired the remaining outstanding shares of CAR through a voluntary general offer and compulsory acquisition for a total consideration of approximately USD 1.1 billion. Such compulsory acquisition was completed on July 5, 2021, and CAR was delisted from the Stock Exchange of Hong Kong and became a wholly-owned subsidiary of MBK Partners on July 8, 2021.
Founded in 2005, MBK Partners is one of the largest private equity funds in Asia with over US$24 billion of capital under management. MBK Partners focuses on North Asia and has developed expertise in various industries, including consumer and retail, telecommunications and media, financial services, healthcare, logistics and industrials. The aggregate revenues of MBK Partners’ 38 portfolio companies exceed US$47.2 billion.
Fangda team was led by corporate partners Jeffry Ding, Patrick Li, banking partner Rock Wang, and antitrust partner Michael Han. Fangda team handled the PRC legal due diligence, transaction structure discussion and the review of transaction documents.