Eversheds leads as private equity house acquires HMV's Asia stores
Eversheds and Linklaters have taken lead roles on the sale of HMV Asia to Greater China private equity group AID Partners Capital after the music retailer fell into administration last month.
Eversheds has been instructed by longstanding client AID, which will acquire six stores in Hong Kong, two in Singapore and additional brand rights in the Greater China region.
AID has also injected a substantial amount of working capital into the business, while the management team of HMV Asia remains unchanged.
The Eversheds team was led by Hong Kong-based Asia corporate head Stephen Mok and consisted of Hong Kong corporate partners Norman Hui and Stephen Kitts, Hong Kong TMT and IP partner Nigel Stamp and Singapore corporate partner Sze Hui Goh.
Linklaters, which has been appointed to advise HMV’s administrators at Deloitte in the UK, advised the client in this sale, with London corporate partner Dan Schuster-Woldan leading.
Background to this deal:
AID Partners is a Greater China-based private equity house with a focus on buyout opportunities and expansion capital primarily in media and entertainment, retail and consumers. It is a longstanding client of Eversheds, with Mok the relationship partner. Prior to the HMV Asia deal, Eversheds advised the PE house on its $220m investment in the Asia arm of US film production company Legendary Pictures in 2011.
UK high-street music retailer HMV entered administration in January this year. HMV called in a Deloitte team as administrators, which then instructed Linklaters (15 January 2013). A group of HMV’s creditors turned to Morrison & Foerster (16 January 2013).
Salans corporate partner Jonathan Polin later advised restructuring specialist Hilco in its purchase of HMV’s £176m debt, a deal set to rescue the retail chain and save thousands of jobs (22 January 2013).
