In March 2020, King & Wood Mallesons New York Offices ("KWM") advised a Hong Kong-based private equity fund in its acquisition of $50 million convertible bonds issued by 21 Vianet Group, Inc. (Nasdaq: VNET), a leading Internet data center services provider. Established in 1996, 21Vianet Group is the largest carrier-neutral Internet and data center service provider in China. 21Vianet's market value is $930 million. It issued $200 million worth of convertible bonds in total, which were purchased by KWM's client and certain other investors.
KMW acted as the legal counsel to the client and provided a full range of legal services in relation to the transaction, including legal due diligence, advices on future exit considerations and U.S. securities law compliance issues, reviewing and negotiation of transaction documents, and closing and post-closing matters. This transaction was led by partner Ling Huang and supported by counsel Ning Liu and associates Matthew Dickerson, Hua Yao, Rachel Sun from KWM New York offices and associate Muting Xie from Beijing offices (cross-border M&A)."