Cleary Gottlieb is representing the buyer group, consisting of Dr Wanchun Hou, chairman of the board of directors, and Qiang Li, chief executive officer, in the going-private transaction of Trunkbow International Holdings Limited.
The merger agreement was executed and announced on 10 December 2013.
The merger will be financed by cash equity financing provided by the buyer group and the rollover of existing equity in the company beneficially owned by the buyer group. The closing is expected to take place around the end of first quarter of 2014, subject to the approval of shareholders and other customary closing conditions.
Trunkbow, a Nevada corporation, is a provider of technology platform solutions for mobile telecom operators in China and its common stock has been listed on the Nasdaq Global Market since 3 February 2011.
The Cleary Gottlieb team includes partners Ling Huang and W. Clayton Johnson, associate Xuemei Lu and Jian Liu and special associate Jiahua Guo in Beijing. Associates Rebecca Reeb and Elena Heim in New York advised on tax matters. Associates Eng-Lye Ong and Vivien Ho in Hong Kong provided assistance on financing matters.
