Jurisdiction - China
Baker & McKenzie Advises Carnival Group On Its Acquisition Of Restaurant Chain In China.

25 June, 2015


Baker & McKenzie advised Carnival Group International Holdings Limited (“Carnival“), a company listed on the Main Board of the Hong Kong Stock Exchange, on its HKD 253.41m acquisition of shares in Nice Race Management Limited (“Nice Race“) from Grace Investment Limited and BFT Acquisition Guernsey L.P. Inc. (“BFT“) and its USD 33.997m share subscription in Nice Race.  Carnival issued to BFT certain consideration exchangeable and convertibile bonds, which are exchangeable into shares of Nice Race and/or convertible into shares of Carnival after a certain period of time.  After the acquisition and subscription, Carnival owns approximately 99.9% shareholding in Nice Race.
Nice Race, together with its subsidiaries, operate high-end restaurant chain under the brand of “Golden Jaguar” with restaurants across 19 cities in China as of 31 December 2014.  BFT’s ultimate beneficial owners are the limited partnerships that comprise the Apax Europe VI and Apax Europe VII Funds.
Carnival and its subsidiaries are principally engaged in theme based leisure and consumption business, focusing on the design, development and operation of integrated large-scale tourist complex projects in key cities in and outside China that comprise of theme parks, hotels, shopping and leisure facilities, as well as other theme based consumption such as food and beverages, entertainment and touring theme parks.
The Baker & McKenzie team advising Carnival was led by Hong Kong-based corporate partner Christina Lee and special counsel, Betty Wong. 

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