Vodafone sells entire interest in China Mobile
October 13, 2010 | BY
clpstaff &clp articlesUK telecom giant Vodafone has sold its entire 3.2% interest in China Mobile for £4.3 billion (US$6.6 billion). The sale was done by way of an accelerated…
UK telecom giant Vodafone has sold its entire 3.2% interest in China Mobile for £4.3 billion (US$6.6 billion). The sale was done by way of an accelerated bookbuilt offering with Goldman Sachs, Morgan Stanley and UBS acting as lead managers and bookrunners.
Vodafone will return approximately 70% of the net proceeds from the sale to its shareholders in the form of a share buyback, with the remainder used to reduce the group's net debt. Vodafone made its initial investment into China Mobile back in 2000.
Representing Vodafone was a multi-office Freshfields Bruckhaus Deringer team that included partners Ben Spiers and Will Lawes in London, and Hong Kong corporate partners Teresa Ko and Ken Martin. Offshore firm Ogier provided Jersey legal counsel to Vodafone. Skadden Arps Slate Meagher & Flom advised one of the underwriters.
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